Comments
The Government on Saturday said it will create a Rs 2,500-crore corpus for technology modernisation of the micro, small and medium units by the next year.
At present, only textiles sector is availing these benefits under the Technology Upgradation Fund Scheme (TUFS) wherein the units get 5 per cent subsidy on loans, for upgrading technology, from the Government.
“We are quite hopeful and confident that by this year or certainly by the next year, we will be in a position to create a corpus to facilitate these units for technology upgradation,” Mr Uday Varma, Secretary in the Ministry of Micro, Small and Medium Enterprises (MSME) said here at a function organised by management consultant Milagrow.
He stressed on the need to couple upgraded technology with adequate and timely credit.
Besides, Mr Varma said robust infrastructure, innovation, marketing initiatives and skill development programmes are required for the growth of these units.
The MSMEs account for 45 per cent of the country’s manufacturing output and 40 per cent of exports. The sector employs 50 million people in 26 million units producing over 6,000 products.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.