Ministry Of Heavy Industries Signs MoU With National Research Development Corporation

Aim of this MoU is to make India a global hub for the manufacturing of capital goods: Dr. Mahendra Nath Pandey

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 in the presence of Dr. Mahendra Nath Pandey, Union Minister of Heavy Industries and Secretary, MHI, Shri Arun Goel here today. CMD, NRDC, Commodore Amit Rastogi (Retd) from NRDC and Shri Vijay Mittal, Joint Secretary on behalf of MHI signed the MoU.

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.

Speaking on the occasion, Dr Pandey said that with a vision and mission to put 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.

It may be noted that Ministry of Heavy Industries On January 25, 2022, has notified the Scheme on 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 Industry Contribution of Rs.232 crore to expand and enlarge the impact created by Phase I of Capital Goods scheme, thereby providing greater impetus through creation of a strong and globally competitive capital goods sector.

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