MSME Secretary holds meeting on National Capital Goods Policy

New Delhi, Nov 5 (KNN) The Ministry of Micro, Small and Medium Enterprises (MoMSME) held a meeting on National Capital Goods Policy and opportunities for MSMEs.

The meeting was chaired by KK Jalan, Secretary, MoMSME.

The Ministry said that the Capital Goods Sector is a critical element to boost manufacturing activity by providing critical inputs, that is, machinery and equipment.

The sector also provides direct employment to 1.4 million people, indirect employment to 7 million people and impacts users of capital goods estimated to be 50 times of the direct employment.

However, India’s Capital Goods production growth has been sluggish in the recent past.

The Government of India announced the ‘National Manufacturing Policy (NMP) with the vision to increase the share of manufacturing in Gross Value Added (GVA) to 25% and create 100 million jobs.

The Capital Goods industry is one of the key contributors to value added manufacturing and is significant for overall economic development of India. This will help generate additional jobs, improve India’s trade balance and increase domestic self-reliance.

The National Policy on Capital Goods is envisaged to unlock the potential of this promising sector and establish India as a global manufacturing powerhouse.