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MSME Minister finalises commencement of 5000 clusters under the SFURTI scheme

On March 9, MSME Minister Nitin Gadkari announced that 5,000 clusters for artisans can commence under the SFURTI scheme.

This is via fast-tracking the approval processes and reducing red-tape.

Moreover, he emphasized on the digitalization of the system besides being time-bound, result-oriented, transparent and corruption-free.

Further, the ministry is focusing on implementing the Scheme of Fund for Regeneration of Traditional Industries.

It aims to organise traditional industries and artisans into clusters to make them competitive and increase their income.

So far, 394 clusters have received approval under the SFURTI scheme.

Out of this, around 93 are functional clusters helping 2.34 lakh beneficiaries with the Government of India. This includes assistance amounting to Rs 970.28 crore.

Under the scheme, it provides support to develop infrastructure through Common Facility Centres.

Besides this, it offers procurement of new machineries, creating raw material banks and improved packaging.

However, the Minister inaugurated 50 artisan-based SFURTI clusters spread over 18 states on Monday.

In these 50 cluster, the scheme supported over 42,000 artisans in traditional segments of muslin, khadi, coir and handicraft.

Other segments comprise of handlooms, wood craft, leather, pottery, carpet weaving, bamboo, agro processing and tea.

Meanwhile, the ministry has granted funds worth Rs 85 crore for development of these 50 clusters.

At present, the ministry has funded 371 clusters with a total assistance of Rs 888 crore.

Moving forward, the government is planning to surge the share of MSME sector in the country’s GDP to 40 percent.

This is against the current 30 percent GDP besides increasing share of exports to 60 percent from 48 percent.

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