Rs 2,500-crore tech fund for MSME on cards

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.

Share this:

About Jessica Priston

Ut tellus dolor, dapibus eget, elementum vel, cursus eleifend, elit. Aenean auctor wisi et urna. Aliquam erat volutpat. Duis ac turpis. Integer rutrum ante eu lacus. Vestibulum libero nisl, porta vel, scelerisque eget, malesuada at, neque. Vivamus eget nibh. Etiam cursus leo vel metus. Nulla facilisi. Aenean nec eros.

  • Website
  • Google+
  • Rss
  • Pinterest
  • Instagram
  • LinkedIn
  • Vimeo
  • Youtube
  • Flickr
  • Email

Related News

  • Cashback site Cashkaro now offers restaurant discounts

    India’s e-commerce market looks large and lucrative enough from the outside, but insiders know it is very challenging. In fact, the number of e-commerce sites and businesses is growing so fast here today that the competition is cut-throat. This

  • What is Viscose Material? Advantage and disadvantage of viscose.

    Viscose is a unique form of wood cellulose acetate used in the nnmanufacture of a number of different products. This includes items for nnthe medical industry, though it is perhaps most common as a major nningredient in the production of the fabric r

  • Honda launches new CBR 250R bike
    Honda launches new CBR 250R bike
    July 01, 2014 5:50 am

    New Delhi: Honda Motorcycle & Scooter India (HMSI) launched a new edition of its global sports performance bike CBR 250R priced between Rs 1.56 lakh and Rs 1.86 lakh (ex-showroom Delhi). The 2013 edition CBR 250R is available for sale across a

  • Zara has opened store at Ambience mall, Gurgaon

    Zara, has opened its new store at Ambience mall, Gurgaon. Spread over 28,000 sq.ft. across two floors the store has taken the space earlier occupied by Debenhams. With this Zara now has twelve stores in India. It is present in 86 countries with