The Ministry of Micro, Small and Medium Enterprises today said it has sought Rs 2,500 crore from the Planning Commission for technological modernisation of the sector.
The Ministry of Micro, Small and Medium Enterprises today said it has sought Rs 2,500 crore from the Planning Commission for technological modernisation of the sector.
At present, only textiles sector is availing these benefits under the Technology Upgradation Scheme (TUFS) wherein the units get 5 per cent subsidy on loans, for upgrading technology, from the government."We have mooted a proposal to the Planning Commission to provide Rs 2,500 crore, under the Technology Upgradation Scheme (TUFS), for 12th Five-year to make available technological facilities to small units,"the Secretary in the Ministry of Micro, Small and Medium Enterprises (MSME), Uday Varma, said at an Assocham function here. He stressed the need to couple upgraded technology with adequate and timely credit. Besides, 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.
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