Budget 2019 | Traditional industries set for facelift under SFURTI scheme

Budget 2019 - Finance Minister Nirmala Sitharaman -Union Budget

Finance Minister Nirmala Sitharaman in her maiden Budget speech on July 5 said that in order to give a boost to the agro- rural industrial sector, the government is looking at cluster-based development under the SFURTI scheme, with focus on bamboo, khadi and honey.

She also announced that under ASPIRE scheme, 100 business incubators will be set up to enable 75000 entrepreneurs in agro- rural industrial sector.

The Scheme of Fund for Regeneration of Traditional Industries (SFURTI) was launched in 2005 in order to boost cluster development by Ministry of Micro Small and Medium Enterprises (MSME).

SFURTI was launched to provide sustainable development, employment and strengthen governance system for traditional rural industries. The scheme sought for provision of improved tools, equipments and marketing infrastructure.

The Finance Minister stated in her Budget 2019 speech that 100 new clusters will be set up to enable and encourage 50000 artisans working in traditional industries during FY19-20.

Under SFURTI, Common Facility Centres (CFCs) will be set up to encourage cluster based development for the traditional industries, focusing on their productivity, profitability and sustainable employment.

Sitharaman said that the Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship (ASPIRE) has been incorporated for setting up of  Livelihood Business Incubators (LBIs) and Technology Business Incubators (TBIs).

Presenting the Union Budget FY19-20, Nirmala Sitharaman said: "We will invest widely in agricultural infrastructure. We will support private entrepreneurships in driving value-addition to farmers’ produce from the field and for those from allied activities, like Bamboo and timber from the hedges and for generating renewable energy. Annadata can also be Urjadata."