New Delhi, Mar 6 (KNN) Union Minister of Heavy Industries Mahendra Nath Pandey emphasised the crucial role of India's capital goods sector in bolstering the nation's global manufacturing prowess, advocating for import substitution of critical components to drive economic prosperity.

The Minister stated, “The capital goods sector is key to India’s global manufacturing capacity for which import substitution of critical components holds a lot of economic prosperity pushing India towards global leadership during its AmritKaal.”

Speaking at the inauguration of the Capital Goods Accelerator and Training Centre at Sastra, Thanjavur in Tamil Nadu,  the Minister highlighted the sector's potential for a significant Rs 1.5-lakh crore import substitution, foreseeing substantial economic benefits.

This initiative, with similar centres planned across India, aims to slash imports by at least Rs 25,000 crore, with further potential for savings.

The Sastra centre, established at a cost of Rs 40 crore, received 80 per cent funding from the Ministry of Heavy Industries (MHI) and 20 per cent from industry partners.

Focusing on cutting-edge technologies such as AR/VR, Industrial Internet of Things (IIoT), Robotics, 3D and 4D printing, drones, and electronics manufacturing, the centre aims to foster innovation and skill development.

Joining the Minister at the inauguration were Vijay Mittal, Joint Secretary, MHI, and S Vaidhyasubramaniam, Vice-Chancellor, Sastra University.

The event Capital Goods Accelerator marks a significant step towards India's pursuit of import substitution in the capital goods sector to propel economic growth and technological advancement.

(KNN Bureau)