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Cabinet approves National Capital Goods Policy 2016

Prime Minister Shri Narendra Modi has approved National Capital Goods Policy 2016.

  • First ever policy for Capital Goods sectorcapital goods policy

Objectives:                

  • Increasing production of capital goods from 2,30,000 crore in 2014-15 to Rs.7,50,000 crore in 2025
  • Raising direct and indirect employment from the current 8.4 million to 30 million
  • The policy forecasts increasing exports from the current 27 % to 40 % of production
  • Increase the share of domestic production in India’s demand from 60 % to 80 %

Aims:

  • To facilitate improvement in technology depth across sub-sectors
  • Increaseskill availability
  • Ensure mandatory standards
  • Promote growth and capacity building of MSMEs

Making Vision:

  • The Policy tend to realising the vision of ‘Building India as the World class hub for Capital Goods’
  • Play a pivotal role in overall manufacturing as a basement to the vision of ‘Make in India’.

Initiator:

Presented by the Dept. of Heavy Industry to the Prime Minister in the ‘Make in India’ workshop held in December, 2014

The aim of the policies:

  • Game changing strategies for the capital goods sector
  • Availability of finance, raw material, innovation and technology, productivity
  • Quality and environment friendly manufacturing practices
  • Promoting exports and creating domestic demand

Cabinet gives ex-post facto approval to establishment of the National Institute of Technology, Andhra Pradesh

The Union Cabinet arranged ex-post facto approval for establishment of NIT, Andhra Pradesh which has been registered as a Society under the Andhra Pradesh Societies Registration Act, 2001 with effect from 20th August 2015

Bill: National Institutes of Technology, Science Education and Research (Amendment) Bill, 2016

Purpose: Inclusion of the NIT, Andhra Pradesh in its First Schedule

Funded by: Government of India

Managed by: Society registered under the Andhra Pradesh Societies Registration Act, 2001