- National Capital Goods Policy was introduced to spur capital goods sector and the Make in India initiative.
- It was unveiled during the Make in India Week programme
Increase production of capital goods from Rs. 2.30 lakh crore in 2014-15 to Rs. 7.50 lakh crore in 2025
Raising direct and indirect employment from the current 8.4 million to 30 million.
making India a net exporter of capital goods
- facilitating improvement in technology across sub-sectors,
- increasing skill availability,
- ensuring mandatory standards and
- promoting growth and capacity building of MSMEs
Key policy recommendations include
- Strengthening the existing scheme of the DHI (Department of Heavy Industry) on enhancement of competitiveness of capital goods sector by increasing budgetary allocation and increasing its scope to further boost global competitiveness in various sub sectors
- Enhancing export of Indian made capital goods through a ‘Heavy Industry Export and Market Development Assistance Scheme (HIEMDA)’.
- A Technology Development Fund,
- Upgrading existing and setting up a new testing and certification facility,
- Making standards mandatory in order to reduce sub-standard machine imports and at the same time providing opportunity to local manufacturing units by utilising their installed capacity and
- Scheme for skill development for capital goods sector.
- Some of the key issues addressed include availability of finance, raw material, innovation and technology, productivity, quality and environment-friendly manufacturing practices, promoting exports and creating domestic demand.