Government notifies Phase II of Capital Goods Scheme

The government has notified the second phase of the Scheme on Enhancement of Competitiveness in the Indian Capital Goods Sector for providing assistance for common technology development and services infrastructure, with a financial outlay of Rs 1,207 crore. The outlay includes Budgetary support of Rs 975 crore and industry contribution of Rs 232 crore.

The scheme was notified on 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 per cent to the manufacturing sector,” the Heavy Industries Ministry said in a statement.

There are six components under the scheme.

These include Identification of technologies through technology innovation portals; setting up of four new Advanced Centres of Excellence and augmentation of existing centres; promotion of skilling in capital goods sector; setting up of four Common Engineering Facility Centres and augmentation of existing centres.

It also entails augmenting existing Testing and Certification Centres; and setting up of 10 industry accelerators for technology development. (PTI)