Indian Economy News

MHI sanctions nine projects for setting up of new advanced Centres of Excellence (CoEs) and augmentation of existing CoE under Phase 2 of Enhancement of Competitiveness in the Indian Capital Goods Sector scheme

In 2014, the Ministry of Heavy Industries (MHI) launched the "Enhancement of Competitiveness in the Indian Capital Goods Sector" scheme with a total budget of US$ 119.8 million (Rs. 995.96 crores) and a government support of US$ 75.9 million (Rs. 631.22 crores). The initiative aimed to address infrastructure development and technological needs in the Capital Goods Sector. As part of the scheme, eight Centers of Excellence (CoEs) and fifteen Common Engineering Facility Centers (CEFCs), including four Industry 4.0 SAMARTH centers and six technology innovation platforms, were established.

On January 25, 2022, MHI announced Phase 2 of the scheme with a financial outlay of US$ 145.2 million (Rs. 1207 crores), including a budgetary support of US$ 117.3 million (Rs. 975 crores) and an industry contribution of US$ 27.9 million (Rs. 232 crores). Phase 2 includes nine projects for establishing new advanced CoEs, augmenting existing CoEs, and five projects for setting up CEFCs and enhancing existing ones. In the first phase, specifically under the Technology Acquisition Fund Programme (TAFP), the scheme successfully acquired five foreign manufacturing technologies.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.