In a bid to justify “Make in India” campaign that aims to boost massive employment in the country, Union Cabinet on Wednesday approved the first-ever policy for the India’s capital goods sector, envisaging creation of over 21 million new jobs by 2025.
The new policy also proposes measures to improve availability of finance and raw material, and promote innovation, productivity, quality and environment-friendly manufacturing practices.
However, a Government official said that the objectives of the National Capital Goods Policy are to create an ecosystem for a globally competitive capital goods sector to achieve total production in excess of Rs7.5 lakh crore by 2025 from the current Rs2.3 lakh crore.