New Delhi, Jul 5 (IANS): The government has come up with a Scheme of Fund for Upgradation and Regeneration of Traditional Industries (SFURTI) to help cluster based development to modernize and upgrade traditional industries, Finance Minister Nirmala Sitharaman said on Friday.

It will enable 50,000 artisans to join the economic value chain, she said while presenting the 2019-29 Budget in the Lok Sabha.

The scheme has been envisaged considering the fact that a majority of people still live in villages and depend on agriculture and traditional industries, she said.

It aims to set up more Common Facility Centres (CFCs) to facilitate cluster based development to make the traditional industries more productive, profitable and capable to generate sustained employment opportunities, she said.

"The focussed sectors are bamboo, honey and khadi clusters. The SFURTI envisions setting up 100 new clusters during 2019-20 which should enable 50,000 artisans to join the economic value chain," she said.

"Further, to improve the technology of such industries, the Scheme for Promotion

of Innovation, Rural Industry and Entrepreneurship' (ASPIRE) has been consolidated for setting up of Livelihood Business Incubators (LBIs) and Technology Business Incubators (TBIs)."

The ASPIRE scheme contemplates setting up 80 LBIs and 20 TBIs in 2019-20 to develop 75,000 skilled entrepreneurs in agro-rural industry sectors, she said.