AMN /
The government has approved first ever policy for the country’s capital goods sector envisaging creation of over 21 million new jobs by 2025.
The National Capital Goods Policy was approved at a Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi.
Briefing media, Railway Minister Suresh Prabhu said, the objectives of the new 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 level of Rs 2.3 lakh crore. He said, the policy aims at raising direct and indirect employment from the current 8.4 million to 30 million.
The policy envisages increasing exports from the current 27 percent to 40 percent of production. It will also help increase the share of domestic production in India’s demand from 60 percent to 80 percent thus making India a net exporter of capital goods. The Policy will help 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. The objectives of the policy will be met by the Department of Heavy Industry in a time bound manner through obtaining approval for schemes as per the roadmap of policy interventions.
In an another decision, the Cabinet gave ex-post facto approval to the Memorandum of Understanding, MoU signed between India and Maldives for strengthening cooperation in the field of tourism.
An official release said, the MoU aims at encouraging cooperation between tourism stakeholders, including hotels and tour operators, establishing exchange programme for cooperation in Human Resources Development and making investment in the Tourism and Hospitality sectors.
The Cabinet also gave its nod for financial restructuring of Hindustan Steel Works Construction Limited (HSCL) and its takeover by National Buildings Construction Corporation Limited (NBCC).
NBCC and HSCL are Government of India enterprises with similar lines of business activities. The decision will benefit in economies of scale for NBCC and would assist in better manpower utilization.
Besides, Cabinet gives ex-post facto approval to the Amendments in the Constitution (Scheduled Tribes) Order, 1950 to modify the list of Scheduled Tribes in Assam, Chhattisgarh, Jharkhand, Tamil Nadu, Tripura and Puducherry.
