The Union Government has unveiled a National Capital Goods Policy 2016 to give an impetus to the capital goods sector and the Make in India initiative.
It was unveiled by Union Minister of Heavy Industry & Public Enterprise Anant Geet on the occasion of the Make in India Week held in Mumbai, Maharashtra.
This is for the first time, Union Government (Ministry of Heavy Industry & Public Enterprise) has framed such national policy for the capital goods sector.
Key Points
• Increase exports of capital goods from the current 27% to 40 % of production.
• Increase share of domestic capital goods production in terms of demand from 60% to 80% in order to make India a net exporter of capital goods.
• Facilitate improvement in technology depth across sub-sectors, ensure mandatory standards, increase skill availability and promote growth and capacity building of MSMEs.
• Seeks to address some of the key issues including availability of finance, raw material, productivity, quality and environment friendly manufacturing practices, innovation and technology, creating domestic demand and promoting exports.
• Enhance Indian made capital goods export through a ‘Heavy Industry Export & Market Development Assistance Scheme (HIEMDA)’.
• Strengthening existing scheme of DHI (Department of Heavy Industry) on enhancement of competitiveness of Capital Goods sector by increasing budgetary allocation.
• Seeks to launch a Technology Development Fund (TDF), upgrade existing and setting up new testing & certification facility.
• It also seeks to make standards mandatory in order to reduce sub-standard machine imports and provide opportunity to local manufacturing units and launch scheme of skill development for Capital Goods sector.
Current Affairs 17th February, 2016 Current Affairs Question and Answers Round Up January. Current Affairs Round up January, 2016.
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