Govt to fund Rs 1,000 cr projects under capital goods scheme
07/07/2015 11:10

The Department of Heavy Industries said that the Centre will fund projects worth Rs 1,000 crore under the Capital Goods Scheme in order to reduce imports of capital goods, said an official statement.

“The technological capabilities of large number of players, especially in the SME sector, are limited in India and as a result India has become one of the largest importers of capital goods in the world. This has adversely affected the indigenous capital goods industry and we want to change this now,” Capital Goods Scheme, Union Minister for Heavy Industry Anant Geete said.

He was speaking at the inaugural of a workshop on 'Technology Development for Capital Goods: Constraints and the Way Forward' jointly organised by the department of heavy industries and FICCI.

Expressing his ministry's commitment to bring about 'achhe din', Geete urged the industry to avail of the benefits of the recently launched Capital Goods Scheme, which would help in acquiring or developing new technology.

Besides, he said the heavy industries department would also set up a 'Technology Adoption Fund' to promote research and development in the industrial sector, through which the government will support up to 25 percent of the cost of technology subject to a limit of Rs.10 crore.

This scheme is expected to be a boon for the industry in Maharashtra, which includes large number of engineering and capital goods clusters encompassing textiles machinery, machine tools, plastic machinery and engineering products.