ENA Sectors 2024-04-18 13:43:59 <p><span style="font-size:14px"><strong>New Delhi, Apr 18 (KNN)</strong> India is set to broaden the scope of its key Capital Goods Promotion Scheme, which has so far focused heavily on electrical components and automobile manufacturing.</span></p> <p><span style="font-size:14px">The government plans to extend support to sectors like pharmaceuticals and textiles under this scheme, reported ET.</span></p> <p><span style="font-size:14px">The move aims to provide a boost to capital goods manufacturing across a wider range of industries, stated a senior government official aware of the development.</span></p> <p><span style="font-size:14px">In addition to conventional sectors, the scheme will also cover new-age technologies, such as those used for electric vehicles, batteries, and robotics, as well as semiconductor-related applications.</span></p> <p><span style="font-size:14px">This aligns with India's Industry 4.0 plans and the push towards advanced manufacturing.</span></p> <p><span style="font-size:14px">The Capital Goods Promotion Scheme was launched in November 2014 with an initial outlay of Rs 995.96 crore. Its second phase commenced in January 2022 with a budgetary allocation of Rs 975 crore and an industry contribution of Rs 232 crore.</span></p> <p><span style="font-size:14px">The scheme is designed to bridge skill gaps, develop infrastructure, and address technology needs within the capital goods sector.</span></p> <p><span style="font-size:14px">The capital goods industry plays a crucial role in India's economy, contributing around 12 per cent to the country's GDP and providing 5.5 million jobs.</span></p> <p><span style="font-size:14px">Major segments within this sector include electrical equipment, process plant equipment, earth moving and construction machinery, machine tools, and textile machinery.</span></p> <p><span style="font-size:14px">Officials cite representations from various sectors seeking inclusion in the Capital Goods Promotion Scheme as the driving force behind this expansion.</span></p> <p><span style="font-size:14px">Currently, industries like mining, textiles, and pharmaceuticals approach their respective nodal ministries for support.</span></p> <p><span style="font-size:14px">The government may also consider revising the National Capital Goods Policy 2016 to align with the expanded scope of the promotion scheme.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 37450 https://knnindia.co.in/news/newsdetails/sectors/indias-capital-goods-promotion-scheme-to-encompass-pharma-textiles 2024-04-18 13:43:59 knnindia.co.in