: Phase 2 of Competitiveness scheme in Capital Goods sector to benefit MSMEs by creation of common engineering infrastructure #FinanceIndia #StockMarketNEWS Phase 2 of Competitiveness scheme in Capital

@StockMarketNEWS Mon 31 Jan, 2022

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Phase 2 of Competitiveness scheme in Capital Goods sector to benefit MSMEs by creation of common engineering infrastructure #FinanceIndia #StockMarketNEWS
Phase 2 of Competitiveness scheme in Capital Goods sector to benefit MSMEs by creation of common engineering infrastructure New Delhi, Jan 29 (KNN) To provide easy access to latest machinery technology required for manufacturing in micro, small and medium enterprises (MSME) and other industries, the Ministry of Heavy Industries has announced that it will be creating common engineering infrastructure for designing and manufacturing purposes.

This will be done under the scheme on enhancement of competitiveness in the Indian capital good sector - phase-II.

It will also encourage development of supply chains to develop quality products of international standards besides boosting industrial production, as per Notification published in Gazette of India by Ministry of Heavy Industries dated 25th January, 2022.

"Creation of common engineering infrastructure for designing and manufacturing for the benefit of MSMEs and other industries of the Capital Goods Sector which are unable to access the latest high technology machines required for manufacturing and which will also encourage development of supply chains to develop quality products of international standards besides boosting industrial production, the notification said.

The scope of this scheme is to create a strong and globally competitive capital goods sector manufacturing sector and to increase the ability of the capital goods sector to meet the domestic demand and to make India a net exporter of capital goods.

Creating a self-sustaining eco system for research and innovation for manufacturing technologies through the use of Technology Innovation Portals is also an important aspect of the scheme.

Four new Advanced Centres of Excellence and augmentation of Existing Centres of Excellence are proposed to be set up.

Promotion of skilling in Capital Goods Sector is significantly emphasised upon with creation of Qualification packages for skill levels 6 and above –Qualification skill councils.

It also has six technology platforms to provide an eco-system that encourages interactions of all the relevant stakeholders by crowd sourcing in an open and collaborative framework for facilitating Startups and angel funding of innovation, research and development of indigenously relating to the capital goods and auto sectors.

With regards to funding, Machine tools, Cutting Tools, Textile machines, Metallurgical machinery, Steel plant equipment, Food processing machinery, Printing machinery, Plastic processing machinery, Process plant equipment, Earthmoving & mining machinery electrical are eligible technologies for funding.