The Ministry of Heavy Industries (MHI) has signed a Memorandum of Understanding with the National Research Development Corporation (NRDC) to undertake various activities for smooth implementation of the program for improving competitiveness in the Indian goods sector. equipment in the presence of Dr Mahendra Nath Pandey, Union Heavy Industries Minister and Secretary, MHI, Shri Arun Goel here today. CMD, NRDC, Commodore Amit Rastogi (Retired) of NRDC and Shri Vijay Mittal, Joint Secretary on behalf of MHI signed the MoU.
In accordance with the MoU, the NRDC will carry out activities such as program evaluation and review, management of intellectual property rights, and commercialization support for products developed under the capital goods program. Phase-I & II, etc. on behalf of MHI.
Speaking on the occasion, Dr Pandey said that with a vision and a mission to put India’s economy on the wheel of high growth, Prime Minister Narendra Modi gave a mantra of Atmanirbhar Bharat and this memorandum of understanding will surely help us achieve this. He further stated that the vision of this MoU is to make India a global hub for manufacturing capital goods.
It should be noted that the Ministry of Heavy Industries on 25th January 2022 notified the Competitiveness Enhancement Program in India’s Capital Goods Sector – Phase II to provide assistance for joint technology development and service infrastructure. The scheme has a financial outlay of Rs. 1207 crore with budget support of Rs 975 crore and industry contribution of Rs 232 crore to extend and widen the impact created by phase I of the asset program. equipment, thus giving greater impetus through the creation of a strong and globally competitive capital goods sector.