SFURTI Scheme, as the name implies, is the Scheme of Fund for Regeneration of Traditional Industries (SFURTI). SFURTI scheme was launched by the Ministry of MSME in the year 2005 with the view to promote cluster development throughout the country.
The scheme’s main objective is to organize the traditional industries/sectors into clusters to make them competitive and provide assistance for long-term sustainability. They aim at making industries more profitable and productive by providing financial service to the traditional sectors like Khadi, coir, and village industries.
SFURTI scheme targets traditional sectors by bringing them on par with other competing/rising industries and making them technology-friendly and infusing the factor of innovation.
SFURTI scheme was launched by the Ministry of MSME to transform traditional industries.
Therefore, the objective of the plan is:
The financial assistance provided under the SFURTI scheme for any specific purpose or project shall be subject to a maximum of INR 8 crore. The plan usually covers three kinds of interventions, mainly soft, hard, and thematic interventions.
The project outlay for the cluster is as follows:
SFURTI scheme aims to create new opportunities by providing artisans with improved equipment, common facilities centers, business development services, training, capacity building, design, marketing support, etc. The SFURTI scheme aids in reducing unemployment, promoting entrepreneurship culture in India, boosting grassroots economic development at the village level, facilitating innovative business solutions for unmet social needs, and promoting innovation to strengthen the competitiveness of the MSME sector further.
SFURTI scheme has dramatically benefitted the traditional industries since the year 2005. Under the SFURTI scheme, approximately 70 clusters to be developed across the Nation involving an expenditure of INR 149.44 crores. Further, under the twelfth Five Year Plan, it is mentioned that around 800 clusters are proposed by the funding bestowed by the Government of India and the ADB. Three years are sanctioned by the Government of India to implement the projects for each of those clusters. In 2019, it announced to set up 100 new groups to enhance 50000 artisans/entrepreneurs working in traditional industries.
Almost 34,791 artisans have benefitted with an assistance of Rs 143.15 crore during 2018-19. In the year 2019-20, INR 2.3 crore is sanctioned in favor of the SFURTI scheme.
As an Aatmnirbhar Sena, we have relentlessly provided round the clock assistance to the budding entrepreneurs by bringing them at sync with the latest government schemes and regulations. Apart from making the young crowd aware of these schemes, we have been procuring all modes of help and assistance for them, which will enable them to establish a successful business. We make all possible moves of enhancing their skills by conducting workshops, mentorship programs, skilled classes, etc. We try to be their usher by guiding them right on how to avail the government’s facilities in the right direction.