Heavy Industries Ministry signs an MoU with NRDC

New Delhi: The Ministry of Heavy Industries (MHI) has signed an MoU with National Research Development Corporation (NRDC) for undertaking various activities for smooth implementation of the scheme for enhancement of competitiveness in the Indian Capital Goods Sector. The MoU has been signed in the presence of Union Minister of Heavy Industries Dr Mahendra Nath Pandey and MHI's Secretary Arun Goel in New Delhi on Wednesday. NRDC's Chairman & Managing Director (CMD) Commodore Amit Rastogi (Retd) and MHI's Joint Secretary Vijay Mittal signed the MoU on behalf of their respective organisations.

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

It may be noted that the MHI on January 25, 2022, has notified the scheme on the enhancement of competitiveness in the Indian Capital Goods Sector, Phase-II for providing assistance to common technology development and services infrastructure. The scheme has a financial outlay of Rs 1207 crores with budgetary support of Rs 975 crore and an industry contribution of Rs 232 crore to expand and enlarge the impact created by Phase-I of the Capital Goods Scheme, thereby providing greater impetus through the creation of a strong and globally competitive capital goods sector.

Speaking on the occasion, Dr Pandey said that with a vision and mission to put the Indian Economy on the wheel of high growth, Prime Minister Narendra Modi gave a mantra of Atmanirbhar  Bharat and this MoU will surely be able to help us to achieve that. He further stated that the vision of this MoU is to make India a global hub for the manufacturing of capital goods.

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