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No license required for setting up of Machine Tools manufacturing unit

| | Apr 26, 2016, at 08:50 pm
New Delhi, Apr 26 (IBNS) Minister of State in the Ministry Heavy Industries and Public Enterprises, G.M. Siddeshwara in a written reply in Lok Sabha on Tuesday said that no license is required for setting up of Machine Tools manufacturing unit in India.
According to the ministry, presently 100% foreign direct Investment is allowed through automatic route in Machine Tools Industry. 
 
Further, a scheme for enhancement of competitiveness in the Indian capital goods industry has been launched by the Department of Heavy Industry. 
 
Under the said scheme, there is a component of setting up Integrated Industrial Infrastructural facilities (IIFC) for Machine Tools Industry and the proposal of Karnataka Government for setting up the Machine Tools Park near Tumkur has been approved by the Government. This is expected to augment the capacity of machine tool industry in India. 
 
In addition to IIFC, there is a component of setting up Centre of Excellence for technology development (CoE) under which setting up of a COE at IIT Madras with six industry partners for development of 11 Machine Tool technologies has also been approved by the Government. 
 
Development of advance technology is likely to result in import substitution and increased capacity in domestic manufacturing of Machine Tools, said the minister. 
#Machine Tools manufacturing unit

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