The Government has unveiled the National Capital Goods Policy to give an impetus to the capital goods sector and a leg up to the Make in India initiative. This is for the first time that a national policy has been framed for the sector. Anant Geete, Minister, Heavy Industry & Public Enterprise, unveiled the Policy on the occasion of the Make in India Week held in Mumbai.
Key Features Of the Policy :
Raising direct and indirect employment from the current 8.4 million to 30 million. Increasing production of capital goods from Rs. 230,000 Cr in 2014-15 to Rs. 750,000 Cr in 2025. The policy envisages increasing exports from the current 27% to 40% of production while increasing share of domestic production in India’s demand from 60% to 80%, 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.
“National Capital Goods Policy” is a unique Government led industry driven man oeuvre for scripting a new growth narrative in the history of industrial development. The Department of Heavy Industry had set up a Joint Task force with Confederation of Indian industry (CII) as an attempt to ensure that the formulation of the Capital Goods Policy is done in the most democratic manner and the recommendations would carve out a road map for Capital Goods sector to become a part of global value chains apart from mere supply chains.
For enhancing the competitiveness of Capital Goods Sector by increasing budgetary allocation for increasing scope to further boost global competitiveness in various sub sectors of CG. through a ‘Heavy Industry Export & Market Development Assistance Scheme (HIEMDA)’.
Extra Info :
President Of CII : Sumit Mazumder
MSME : Micro Small And Medium Enterprises
So lets discuss some questions related to this post which can be asked in the upcoming exams :
1. Expand the term CII .
2. Who has unveiled the National capital goods policy ?
3. The national capital goods policy unveiled at which place ?
4. Expand the term HIEMDA.