New Delhi: The Ministry of Heavy Industries (MHI) has entered into a Memorandum of Understanding (MoU) with the National Research Development Corporation (NRDC) to facilitate the smooth implementation of the Scheme for Enhancement of Competitiveness in the Indian Capital Goods Sector. The signing ceremony took place in the presence of Dr. Mahendra Nath Pandey, Union Minister of Heavy Industries, and Shri Arun Goel, Secretary of MHI.

During the event, the MoU was signed by Commodore Amit Rastogi (Retd), CMD of NRDC, and Shri Vijay Mittal, Joint Secretary on behalf of MHI. The agreement outlines the roles and responsibilities of NRDC, which include evaluating and reviewing the scheme, managing intellectual property rights, and providing commercialization support for products developed under the Capital Goods Scheme Phase-I & II.

Dr. Pandey highlighted the vision of Prime Minister Narendra Modi to make the Indian economy self-reliant and stated that the MoU aligns with the goal of achieving an “Atmanirbhar Bharat” (self-reliant India). He emphasized that the objective of the MoU is to position India as a global manufacturing hub for capital goods.

It is worth noting that the Ministry of Heavy Industries had earlier notified the Scheme on Enhancement of Competitiveness in the Indian Capital Goods Sector-Phase II on January 25, 2022. This scheme aims to provide assistance for the development of common technology and services infrastructure. With a financial outlay of Rs. 1207 crores, including a budgetary support of Rs. 975 crore and an industry contribution of Rs. 232 crore, Phase II aims to further strengthen and enhance the impact created by Phase I of the Capital Goods scheme. The overall objective is to foster a robust and globally competitive capital goods sector in India.

The partnership between MHI and NRDC is expected to drive innovation, technology development, and commercialization of products in the capital goods sector. By leveraging NRDC’s expertise and support, the scheme aims to enhance the competitiveness of Indian manufacturers and contribute to the growth of the capital goods industry.