Question: When did the Union Cabinet has given its approval for National Capital Goods Policy?
(a) 22 May 2016
(b) 20 May 2016
(c) 25 May 2016
(d) 28 May 2016
Ans: (c)
Related facts:
- On 25 May 2016 Union Cabinet has given its approval for National Capital Goods Policy.
- This is first ever policy for Capital Goods sector.
- The objective of policy is increasing production of capital goods from Rs.2,30,000 crore in 2014-15 to Rs.7,50,000 crore in 2025.
- It will also help in raising direct and indirect employment from the current 8.4 million to 30 million.
- The policy envisages increasing exports from the current 27 percent to 40 percent of production.
- It will increase the share of domestic production in India’s demand from 60 percent to 80 percent thus making India a net exporter of capital goods.
- The policy also aims to facilitate improvement in technology depth across sub-sectors, increase skill availability, ensure mandatory standards and promote growth and capacity building of MSMEs.
- The Policy will help in realising the vision of ‘Building India as the World class hub for Capital Goods’.
- It will also play a pivotal role in overall manufacturing as the pillar of strength to the vision of ‘Make in India’.
- The objectives of the policy will be met by the Department of Heavy Industry in a time bound manner through obtaining approval for schemes as per the roadmap of policy interventions.
- The idea of a ‘National Capital Goods Policy’ was first presented by the Deptt. of Heavy Industry to the Prime Minister in the ‘Make in India’ workshop held in December, 2014.
Reference:
http://pmindia.gov.in/en/news_updates/national-capital-goods-policy/