Rs 4.15 lakh crores investment on Vendor Development Program to benefit MSMEs: Suresh Prabhu

New Delhi, July 5 (KNN) The Indian Railways recently announced to implement the Vendor Development Program with an investment amounting to Rs 4.14 lakh crores, this investment is likely to help the growth of the Small and Medium Enterprises (SMEs), Suresh Prabhu, Union Railway Minister has said.

In a press meet, Suresh Prabhu said that two companies GE and Alstom will be manufacturing diesel and electric locomotives for the Indian Railways. This would result in fresh business for the Indian Small and Medium Enterprises (SMEs).

Since the procurement is to be done from local suppliers, the International companies will bring in more business for domestic SMEs that provide material to these companies.  He asserted that his Ministry is committed to go beyond theoretical claims of working for the benefit of the Indian companies and actually do something substantive 

He also informed that the Railway further intends to invest over 40,000 crore in short term towards locomotive development in the country, business for SMEs can also be expected once the investment is executed.

Suresh Prabhu was speaking at an event in which he inaugurated a GST registration help desk at Makkal Sevai Miyam. (KNN/ DA)