The ministry of micro, small and medium enterprises (MSME) would soon be launching a Rs. 2,500 crore technology acquisition and upgradation fund for the MSME sector. The fund, aimed at enabling the small scale sector to upgrade its technology, would be managed by a Special Purpose Vehicle comprising experts and people from the industry. This was informed by Uday Kumar Varma, Secretary, ministry of MSME, while speaking at the inaugural session of the 7th IFEX (Indian Foundry Exposition) at Chandigarh on Friday.
Varma also informed that his ministry has launched two other important programmes aimed at development of the industry in small sector and increasing its competitiveness. The first, National Manufacturing Competitiveness Programme has ten components which are aimed at increasing the competitiveness of this important sector, while the Cluster Development Programme, which comprises diagnostic study of the sector and interventions is aimed at developing the small scale industry clusters in a planned manner, the Secretary informed.
Stating that MSME sector has been doing quite well, Varma said that it still faced many challenges such as the challenge of getting adequate credit, need for upgradation of technology, appropriate infrastructure, skilled manpower and marketing skills.
Speaking on the occasion, the Guest of Honour, Rajeev Arora, MD, Haryana State Industria Development Corporation (HSIDC), said that such conferences are an excellent platform for sharing of knowledge and complimented the IIF for enabling the participants to interact and gain from each other.
Arora also informed the gathering about the industrial development in the state of Haryana, specifically in the small scale sector.