MHI, NRDC signs MoU for implementing Capital Goods scheme

20 May 2022 CW Team

The Ministry of Heavy Industries (MHI) has signed a Memorandum of Understanding (MoU) with the National Research Development Corporation (NRDC) for smooth implementation of the Scheme for Enhancement of Competitiveness in the Indian Capital Goods Sector.

The MoU had been signed in the presence of Dr Mahendra Nath Pandey, Minister of Heavy Industries and Secretary of MHI Arun Goel, Chief Managing Director (CMD) of NRDC, Commodore Amit Rastogi (retd) and Vijay Mittal, Joint Secretary on behalf of MHI signed the MoU.

According to the MoU, NRDC will conduct the activities like evaluation and review of the scheme, management of intellectual property rights and commercialisation support for the products developed under Capital Goods Scheme Phase-I and II, etc., on behalf of MHI.

Pandey said that to grow the Indian economy, PM Narendra Modi initiated the Atmanirbhar Bharat mission, and this MoU will help in achieving the mission.

He added that the vision of the MoU is to make India a global hub for the manufacturing of capital goods.

MHI announced the Scheme on Enhancement of Competitiveness in The Indian Capital Goods Sector - Phase-II for assisting in Common Technology Development and Services Infrastructure.

This scheme has a financial outlay of Rs 1,207 crore, with budgetary support of Rs 975 crore and an industry contribution of Rs 232 crore to grow the impact created by Phase-I of the scheme to provide a greater impetus by creating a strong and globally competitive capital goods sector.

Also read: Ministry of Heavy Industries approves 2,877 charging stations

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