National Capital Goods Policy Approved By Government

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Government

The government of India in one of its prime decisions approved the National Capital Goods Policy, which would help in increment of 21 million jobs by the year 2025. The country’s one of its kind policy will assist in making a world class hub of opportunities. It also encourages in the export of capital goods, thus manufacturing products in a promotional manner. It will not only promote but also strengthen the government’s ‘Make in India’ initiatives.

Government

Union Cabinet gave a statement as, 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 sole motto of the policy is to increase the growth rate from 27% to 40% in the production of goods ruling out exports. The share of production of domestic goods will increase by 60% to 80% which will eventually make our country net exporter. Along with production it also focuses on manufacturing of equipment while improving the provided facilities through technology, sub-sectors, ensure mandatory standards, promotes growth and development, increases skill availability, and capacity building of Micro, Small and Medium Enterprises (MSMEs). The objective of the policies will be fulfilled by Department of Heavy Industries, Government of India. The outcome will be processed in a time foundation and approval for varied schemes of policy intervention with the help of road-maps.

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According to Union Railway Minister, Suresh Prabhu, “Capital goods manufacturing, if it happens in India along with the manufacturing that is going to happen downstream, the entire economy gets a smarter strike in a snap.” In a meeting with media agency, the Cabinet ministry upheld some of the pivotal and mandatory issues such as raw material, innovation in technology, availability of finance, qualitative approach, environment-friendly manufacturing practices, creating domestic land as well as promoting exports, above all.

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