The Union Government has notified second phase of the scheme for enhancement of competitiveness in the capital goods sector with a financial outlay of ₹1,207 crore.
The overall financial outlay would consist of a budgetary support from the government of ₹975 crore and the rest of ₹232 crore would come through the industry contribution, said a statement from the ministry of heavy industries on Friday. It added that the scheme was notified on Tuesday, January 25.
"The objective of phase II of the scheme for enhancement of competitiveness of the capital goods sector is to expand and enlarge the impact created by phase I pilot scheme, thereby providing greater impetus through creation of a strong and globally competitive capital goods sector that contributes at least 25% to the manufacturing sector," it said.
The scheme would involve identification of technologies through technology innovation portals, setting up of four new advanced centres of excellence and augmentation of existing centres of excellence, promotion of skilling in capital goods sector–creation of qualification packages for skill levels 6 and above.
It would also entail setting up of four common engineering facility centres (CEFCs) and augmentation of existing CEFCs along with augmentation of existing testing and certification centres and setting up of ten industry accelerators for technology development.
Catch all the Business News, Politics news,Breaking NewsEvents andLatest News Updates on Live Mint. Download TheMint News App to get Daily Market Updates.