KNN Bureau Sectors 23 Mar 2016 18:07:00 <p> <b>New Delhi Mar 23 (KNN)</b> The Union Cabinet&#39;s move to clear the capital goods policy to boost the manufacturing sector has been hailed by the industry.<o:p></o:p></p> <p> Talking to KNN, Anu Chaudhary, Secretary General of Plastic Machinery Manufacturers Association of India (PMMAI) said that the step will give boost to the manufacturing sector as India imports 30-40 percent to meet its demand for capital goods.<o:p></o:p></p> <p> Capital goods are machines and tools used in the production of other goods.<o:p></o:p></p> <p> She added that certain measures have been taken to prevent the domestic market from dumping from China.<o:p></o:p></p> <p> The capital goods industry is one of the key contributors to manufacturing sector, currently contributing around 12 per cent. Further, it provides critical inputs such as machinery and equipment necessary for manufacturing, making it among the most important sectors within the manufacturing sector. It has a significant multiplier effect on the manufacturing sector and overall economic growth and is also a major employment driver.<o:p></o:p></p> <p> The objective of the policy is to more than triple domestic production of capital goods - from Rs 2.30 lakh crore in 2014-15 to Rs 7.5 lakh crore by 2025. <b>(KNN Bureau)</b><o:p></o:p></p> 14189 http://knnindia.co.in/sectors/cabinet-clears-capital-goods-policy,-industry-hails-the-move-/31-14189.go 23 Mar 2016 18:07:00 KNN