Around Rs. 100 crore have been disbursed so far by the government as grant under the scheme for Enhancement of Competitiveness of the Capital Goods sector. Source WIN India 2016
Around rs. 100 crore have been disbursed so far by the government as grant under the scheme for Enhancement of Competitiveness of the Capital goods Sector.
In September 2014, the Modi government launched the scheme, with an estimated outlay of Rs. 930.96 crore, to make the Indian capital goods sector globally competitive.
We have recieved many proposal (under the scheme) and so far, 20 of them have been approved. Nearly Rs. 300 crore worth of proposals were approved, out of which around Rs. 100 crore have been disbursed so far. "Secretary of Department of Heavy Industries, Mr. Girish Shankar".
He said that the remaining Rs. 200 crore would be tied up soon.
Under the scheme, contribution from the government has been around Rs. 581.22 crore and the balance Rs. 349.74 crore would be contributed by the stakeholder industries.
The scheme has five components - creation of advance centres of excellence, common engineering facility centre for textile machinery and testing & certification centre for earth moving machineries, establishment of integrated industrial infrastructure facilities and creation of a Technology Acquisition Fund.
"The growth driver for the manufacturing sector has always been automobile. But with the opening up of defence and railway sectors for foreign investments, we hope they (sectors) will drive the demand for capital goods", Shankar said.
He said the country is expecting to witness a growth of 9.5 percent in the manufacturing sector this year, which will be driven by automobile, defence and railway industries.
"As per various schemes, we are expecting a three-fold increase in growth in capital goods production and employment by 2025 and 3.5 times increase in manufacturing sectors by 2026", Shankar said.
The department of heavy industries has also partnered with Hannover Milano Trade Fairs India to hold the 10th edition of Industrial and Engineering trade fair 'WIN India 2016' from December 1 - 3 in Bandra in the Metropolis.