Cabinet approves Capital Goods Policy, aims 210 Lakh jobs
The government on Wednesday approved India’s first-ever national capital goods policy that intends to make the country a world-class hub and looks to create over 21 million additional jobs by 2025. The policy was cleared at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi.
“This is first ever policy for Capital Goods sector with a clear objective of increasing production of capital goods from Rs 2,30,000 crore in 2014-15 to Rs 7,50,000 crore in 2025 and raising direct and indirect employment from the current 8.4 million to 30 million,” the government said in a statement.
The policy aims to encourage exports of capital goods and promote manufacturing activity in the Indian economy, while strengthening government’s Make in India initiative.
“The policy envisages increasing exports from the current 27 per cent to 40 per cent of production. It will increase the share of domestic production in India’s demand from 60 per cent to 80 per cent thus making India a net exporter of capital goods. The policy also aims to facilitate improvement in technology depth across sub-sectors, increase skill availability, ensure mandatory standards and promote growth and capacity building of MSMEs (micro, small and medium Enterprises),” the government said.
“Capital goods manufacturing if it happens in India along with the manufacturing that is going to happen downstream, the entire economy gets a fillip,” Union railways minister Suresh Prabhu said while briefing reporters on the Cabinet decisions.
“The objectives of the policy will be met by the Department of Heavy Industry in a time-bound manner through obtaining approval for schemes as per the road map of policy interventions,” according to the statement.
Some of the key issues addressed include availability of finance, raw material, innovation and technology, productivity, quality and environment-friendly manufacturing practices, promoting exports and creating domestic demand, it said.
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Cabinet approves Capital Goods Policy, aims 210 Lakh jobs Reviewed by balakrishna p on 23:45:00 Rating: