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MSME implemented new scheme SFURTI to set up traditional industries clusters

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On February 03, 2020 the Ministry of Ministry of Micro, Small and Medium Enterprises(MSME) implemented a new scheme named “Scheme of Fund for Regeneration of Traditional Industries”(SFURTI). Under this scheme, financial support will be given to set up traditional industries clusters viz. Khadi, Coir & Village industries clusters.SFRUTI objectives:
The objectives of the scheme are as follows:

  • Traditional industries to be set up in India in a period of 5 years and make the industries more profitable.
  • Local governance system of the industry clusters to be strengthened through participation from the local stakeholders
  • Traditional skills, improved technologies, new models of public-private partnerships(PPP) are to be regenerated through traditional industries.

SFURTI:

i.Launch year: The scheme was first launched in 2005 to boost cluster development by MSME.

ii.Objective: The main objective of SFURTI is to make sustainable development, employment and strengthen governance systems for traditional rural industries.

iii.2020 union budget: Rs 2.3 crores has been sanctioned for the SFURTI scheme in the budget 2020.

iv.2019 budget: The Union Minister of Finance(MoF) Smt Nirmala Sitharaman announced in the 2019 union budget to set up 100 new clusters to enhance the work of 50000 artisans working in traditional industries during FY19-20.

v.Schemes merged under SFURTI: Certain schemes have been merged with SFURTI. They include

  • Scheme for  Enhancing Productivity and Competitiveness of Khadi Industry and Artisans
  • Scheme for Product Development, Design Intervention and Packaging (PRODIP)
  • Scheme for Rural Industries Service Center (RISC) and
  • Other small interventions like Ready Warp Units, Ready to Wear Mission, etc.

About Ministry of Micro, Small and Medium Enterprises (MSME):
Founded- 2007.
Headquarters- New Delhi.
Union Minister- Shri Nitin Jairam Gadkari.
Minister of State(MoS)- Pratap Chandra Sarangi.