Govt plans to set up tech fund for MSMEs
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New Delhi: The Centre, on Saturday, said it will create a Rs 2,500-crore corpus for technology modernisation of the micro, small and medium units by the next year. At present, only textiles sector is availing these benefits under the Technology Upgradation Fund Scheme (TUFS) wherein the units get 5 per cent subsidy on loans, for upgrading technology, from the government. “We are hopeful that by this year or by next year, we will create a corpus to facilitate these units for technology upgradation,” Ministry of Micro, Small & Medium Enterprises (MSME) Secretary Uday Varma said here. MSMEs account for 45 per cent of country’s manufacturing output and 40 per cent of exports. The sector employs 50 million people in 26 million units producing over 6,000 products.
Source: PTI
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