You are here: Home » Economy & Policy » News
Business Standard

'Make in India' gets Rs 1,000-cr boost

Aim of the project is to boost manufacturing on a sustainable basis and through it, overall economic growth

BS Reporter  |  New Delhi 


    Modi dissolves four Cabinet panels

    Pressing a point

In the first of a planned series of initiatives under Prime Minister Narendra Modi's vision of “Make in India”, the on Monday cleared a Rs 931-crore scheme to raise competitiveness in the

The aim of the project, to cost Rs 20,000 crore ultimately, is to boost manufacturing on a sustainable basis and through it, overall

The scheme is to be implemented in the remaining period of the 12th five year Plan (2014-15 to 2016-17) and further in the 13th Plan period (2017-18 to 2021-22). The Centre will give Rs 581 crore of budgetary support and another Rs 350 crore would come from stakeholder industries.

The sub-sectors covered are mainly machine tools, textile machinery, construction and mining machinery, and process plant machinery. The aim is to upgrade technological depth and to create common industrial facility centres.

It will have five components. These are creation of advanced centres of excellence for research and development and for technology development; establishment of integrated industrial infrastructure facilities, termed Machine Tools Parks; a common engineering facility centre for textile machinery; a testing and certification centre, and creation of a technology acquisition fund.

“This is a pilot project. We plan to expand it across the country,” heavy industries minister Anant Geete told reporters here at a press conference.

Gross fixed capital formation, a proxy for investment, was 31 per cent of gross domestic product till the first quarter of 2012-13. It had declined to 28.6 per cent in the first quarter of 2014-15.

Manufacturing also contracted this July, showing weakness in the sector. There is uncertainty over sustaining of economic growth, which rose to a two-year high of 5.7 per cent in the first quarter of this financial year.

First Published: Tue, September 16 2014. 00:44 IST