Government plans Rs 3000 crore spend to push capital goods manufacture

 Joe C Mathew   New Delhi     Last Updated: November 15, 2017  | 21:30 IST
Government plans Rs 3000 crore spend to push capital goods manufacture

The Central government plans to spend Rs 3,000 crore to implement various programs under the National Capital Goods Policy, Anant G. Geete, Union Minister for Heavy Industries & Public Enterprises has said.

The government is also coming up with changes and support measures in key sectors including Capital Goods to fasten up employment creation, the minister added.

Inaugurating the Capital Goods Summit organized by the Confederation of Indian Industries (CII) in Delhi today, Geete wanted the Capital Goods Sector to become the biggest contributor to the ambitious 'Make in India' programme.

"To make it happen, indigenous investment is equally important alongside inviting foreign investments to spearhead rapid industrialization and creation of Indian Multinationals", he said. The Minister assured to provide all support to domestic companies to help realize their ambition to become multinational companies.

Addressing the summit, Atul Sobti, CMD, Bharat Heavy Electricals Ltd. (BHEL), highlighted the spiral effect Capital Goods sector can have on the growth of many other sectors. "Out of the total domestic market size of $ 70 billion, approximately $ 30 billion worth of capital goods is imported, making it the fourth largest item in the import basket", he said. Sobti pointed out that any reduction in import dependency would immediately translate into additional domestic production demand, a $30 billion opportunity.

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