State-owned Bharat Heavy Electricals Ltd (BHEL) will procure Rs 3,000 crore of products from small businesses annually as part of the government's efforts to encourage them, a senior official said on Friday.
The company has earmarked 300 products, which are to be picked up from the small and medium enterprises, its executive director Anil Joshi said while speaking at a webinar on reigniting growth for the MSMEs.
"Going by the government's thrust areas, we see a lot of market potential for local manufacturing in fields such as e-mobility, railway electrification, renewables and in energy conservation, for which we will need products such as inverters, transformers, power conditioning units, solar modules, LEDs, batteries, battery chargers, etc...," Joshi was quoted as saying in a press statement issued by MVIRDC World Trade Center.
BHEL has launched an online technology platform to collaboratively support domestic industry in technology innovation and problem-solving with its infrastructure and resources to meet national targets, Joshi said.
India's size of the electrical machinery industry is around USD 50 billion, which is far low compared to the USD 200 billion target set under the Mission Plan of 2012-22 for this industry, the statement said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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