Modi government approves ₹1,856cr scheme to boost sports goods manufacturing
What's the story
The Union Cabinet, led by Prime Minister Narendra Modi, has approved a ₹1,856 crore scheme to boost sports goods manufacturing in India. The initiative is part of a larger plan that sees an estimated investment of around ₹6,000 crore into the sector over eight years. The main goal of this scheme is to enhance manufacturing capacity and promote domestic businesses while establishing new sports goods hubs across the country.
Cluster development
Scheme to create new manufacturing clusters
Union Information and Broadcasting Minister Ashwini Vaishnaw has said that the scheme will not only create new manufacturing clusters but also strengthen the existing industry.
The plan includes setting up four integrated sports goods manufacturing zones, each spread over 300 acres.
These zones are aimed at developing infrastructure and supporting manufacturers' growth in this sector.
Financial assistance
Incentives for manufacturers investing ₹10cr or more
The scheme also offers incentives for manufacturers investing ₹10 crore or more. They will be eligible for turnover-linked incentives of up to 15%.
The initiative will cover 70% of the cost of first-time product certification and 50% for renewals.
It also plans to support the establishment of centers of excellence in sports, with an aim to improve manufacturing standards and enhance India's competitiveness in domestic and international markets.