Union Minister of Environment, Forest & Climate Change Prakash Javadekar had a good discussion on the Indian Capital Goods Sector with the Union Minister of State for Heavy Industries Mr. Arjun Ram Meghwal. Mr. Javadekar discussed the role of the Indian Capital Good Sector in Atmanirbhar Bharat.
India’s Capital Goods manufacturing industry is a strong base for sectors such as Engineering, construction, Infrastructure, and Consumer goods, amongst others.
The industry is of mean importance for the future of India’s economic growth. The capital goods industry in FY 2018 -19 had an overall production figure amounting to $13.6 billion. The capital Goods industry in India creates great employment opportunities for the people of India, providing approximately 1.4 million direct and 7 million indirect jobs
According to the information available on the Ministry’s website. The “Power for All” mission plans to add 93 GW by 2022 will generate huge demand for power transmission and distribution (T&D) equipment. It has the target of $100 billion for the Electrical Industry, and the T&D equipment segment is targeted to reach a size of $75 billion.
PM Modi initiated the “Atma Nirbhar Bharat” mission, which will focus on the manufacturing of all types of things in India itself. The capital Goods industry can contribute a lot to the objectives of this mission, and thus a development plan is needed to discuss.