New Delhi: The government on Wednesday gave its green light to India’s first-ever policy on capital goods that intends to make the country a world-class hub and looks to create over 21 million additional jobs by 2025.
The decision was taken at a meeting of the Cabinet chaired by Prime Minister Narendra Modi here.
“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,” an official statement read.
“This is the first-ever policy for the capital goods sector with 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 raising direct and indirect employment from the current 8.4 million to 30 million.”The policy envisions increasing the share of capital goods in total manufacturing activity to 20 per cent by 2025. (PTI)
