New Delhi, Mar 1 (KNN) Eyeing at raising concerns of the bicycle manufacturing industry, Federation of Industries and Commercial Organization (FICO) representatives discussed issues and concerns of Micro, Small and Medium Enterprises (MSME) on Wednesday with Sudhir Garg, joint secretary, Ministry of MSME.

FICO Chief Gurmeet Singh Kular raised that due to lack of technology there is a huge gap between manufacturing quantity of India and China.

Kular said “Bicycle industry is the mother industry of Punjab and China is the largest manufacturer of bicycles, but the gap between manufacturing quantities of both is high”.

He further claimed that China produces 20 crore bicycles per year while India manufactures only 1.30 crore.

He said in order to bridge this gap; technology up gradation fund scheme should be introduced for bicycle industry so that industry can avail benefits of worth 40 crores.

He also appealed senior officials to reintroduce Credit Link Capital Subsidy Scheme (CLCSS) with a view to protect MSMEs as the Centre has suspended the scheme besides, banks should be instructed to facilitate the industry with the CLCSS scheme.

Credit Link Capital Subsidy Scheme open the door for technology up gradation in MSMEs by providing in-advance capital subsidy of 15% (on institutional finance of up to ₹1 crore availed by them) for induction of well established and improved technology.

The association also appealed the joint secretary that there is an urgent need to upgrade R&D Centre for Bicycle Industry & Sewing Machine Industry.

“The centre should work as a knowledge centre for the industry,” said a FICO representative. (KNN/YV)