Government accepted capital goods sector policy

Business
May 26 2016 11:33 AM
Shraddha

Government accepted capital goods sector policy

The policy also considered increasing exports to 40 per cent of production from the present 27 per cent. The share of India production in domestic demand will also be increased from 60 per cent to 80 per cent, making India a net exporter of capital goods.

The Cabinet accepted the first-ever policy for the capital goods sector in India that has a motive to increase it for three times, value of production of these goods to Rs.7.5 lakh crore by 2025 and create more than 21 million jobs.

According to the statement “The policy will help in realising the vision of ‘Building India as the World class hub for Capital Goods’. It will also play a pivotal role in overall manufacturing as the pillar of strength to the vision of ‘Make in India”.

According to a government statement. “This is first ever policy for Capital Goods sector has 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 increasing employment from the current 8.4 million to 30 million.

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