The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the first ever policy for the country’s capital goods sector envisaging creation of over 21 million new jobs by 2025. The objectives of the National Capital Goods Policy are to create an ecosystem for a globally competitive capital goods sector to achieve total production in excess of Rs 7.5 lakh crore by 2025 from the current Rs 2.3 lakh crore, and also to raise direct to increase direct domestic employment from the current 1.4 million to at least 5 million and indirect employment from the current 7 million to 25 million by 2025, thus providing additional employment to over 21 million people.
The policy envisages increasing exports from the current 27 % to 40 % of production. It will also help increase the share of domestic production in India’s demand from 60 % to 80 % thus making India a net exporter of capital goods. The policy envisions increasing the share of capital goods in total manufacturing activity from 12 % at present to 20 % by 2025. To create an ecosystem for globally, the Policy will help realizing 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.
So let’s discuss some questions related to this post :
1. The Union cabinet chaired by PM Modi has approved which policy ?
2. The National Capital Goods Policy is aiming to provide 21 million new jobs by which year ?
Courtesy : Business Standard