"Government is investing Rs 1,000 crore for enhancement of competitiveness of the Indian capital goods industry. This money will be used for the creation of common facility, technology up-gradation, product improvement, market creation and skill up-gradation," Additional Secretary, Department of Heavy Industries, Ambuj Sharma said at CII's Valves Conference 2013.
The valve industry in India is currently pegged at Rs 10,000 crore.
Sharma said the plan will be implemented after it gets the Cabinet approval, which is likely to come in the next 2-3 months.
"We plan to implement it in four major clusters, including technology upgradation to meet the global standards, development of new design centres, skill upgradation and market development. This will further stimulate growth of the valve industry," he said.
He further said the government could also help domestic players in acquiring technology and setting global original equipment manufacturers (OEMs) in the country.
"Government will also invest in R&D projects to develop advanced ultra super critical technology for power generation along with other countries. This will invariably provide a huge impetus to the valve industry," Sharma said.
He further said the domestic valve industry has grown by 20 percent over the last decade, while the global trend has been a low single digit growth.
"Exports have grown faster registering 100 percent growth in the last three years. From a size of just Rs 500 crore in 1990, it has reached a creditable Rs 10,000 crore in turnover of which exports contribute to around Rs 4,000," he added.


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