ENA Economy 2024-03-06 13:22:57 <p><span style="font-size:14px"><strong>New Delhi, Mar 6 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">The Minister stated, The capital goods sector is key to Indias global manufacturing capacity for which import substitution of critical components holds a lot of economic prosperity pushing India towards global leadership during its AmritKaal.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">This initiative, with similar centres planned across India, aims to slash imports by at least Rs 25,000 crore, with further potential for savings.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Joining the Minister at the inauguration were Vijay Mittal, Joint Secretary, MHI, and S Vaidhyasubramaniam, Vice-Chancellor, Sastra University.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36958 https://knnindia.co.in/news/newsdetails/economy/ministry-of-heavy-industries-sets-up-capital-goods-accelerator-at-sastra-thanjavur 2024-03-06 13:22:57 knnindia.co.in