Latest News | Heavy Industries Ministry, NRDC Ink Pact over Capital Goods Scheme

New Delhi, May 18 (PTI) The Ministry of Heavy Industries on Wednesday signed an agreement with the National Research Development Corporation (NRDC) for undertaking various activities for smooth implementation of the Scheme for Enhancement of Competitiveness in the Indian Capital Goods Sector.

Mahendra Nath Pandey, Union Minister of Heavy Industries, said that with a vision and mission to put Indian Economy on the wheel of high growth, Prime Minister Narendra Modi gave a mantra of Atmanirbhar Bharat and this MoU will surely be able to help us to achieve that.

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He further stated that the vision of this MoU (Memorandum of Understanding) is to make India a global hub for the manufacturing of capital goods.

The Ministry of Heavy Industries on January 25, 2022, notified the Scheme on Enhancement of Competitiveness in the Indian Capital Goods Sector- Phase-II for providing assistance to Common Technology Development and Services Infrastructure.

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The scheme has a financial outlay of Rs 1,207 crore with Budgetary support of Rs 975 crore and Industry Contribution of Rs 232 crore to expand and enlarge the impact created by Phase I of Capital Goods scheme, thereby providing greater impetus through creation of a strong and globally competitive capital goods sector.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)