Government forms inter-ministerial panel to boost country’s capital goods sector

By: |
November 11, 2020 10:54 PM

The committee will look into issues pertaining to the capital goods (CG) sector, including technology development, mother technology development, global value chains, testing, skill training, global standards, reciprocity issues and custom duties to make the sector globally competitive and to become the manufacturing hub for the world, an official statement said.

The panel will help the Department of Heavy Industries in taking a holistic view for all the issues pertaining to the sector.

The government on Wednesday said it has set up a 22-member inter-ministerial committee for strengthening India’s capital goods sector through interventions that help it in contributing more actively towards achieving the target of a USD 5 trillion economy and a USD 1 trillion manufacturing sector.

The committee will look into issues pertaining to the capital goods (CG) sector, including technology development, mother technology development, global value chains, testing, skill training, global standards, reciprocity issues and custom duties to make the sector globally competitive and to become the manufacturing hub for the world, an official statement said.

“Initiatives in the capital goods sector require in depth consultations and deliberations with all concerned Ministries/Departments on regular basis.

“It is in this light proposed an inter-ministerial committee (IMC) is being constituted with representation from all the concerned Ministries/Departments dealing with the CG sector and using CG machinery to regularly meet and deliberate to address the issues and bottleneck pertaining to the sector,” the statement said.

Any other relevant issue pertaining to the sector may also be brought before the committee with the prior approval of the chairman, it added.

Minister for Heavy Industries and Public Enterprises Prakash Javadekar, in a tweet, said that the committee will work out ways and means to make the capital goods sector globally competitive.

The panel will help the Department of Heavy Industries in taking a holistic view for all the issues pertaining to the sector.

The IMC under the chairmanship of Secretary, Department of Heavy Industries with representation of sufficiently senior-level officers from the concerned Ministries/Departments will meet quarterly.

Any other Department or expert as required may be invited by the chair, the statement said.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1GST returns deadline: Reminders to 25,000 defaulter taxpayers
2Top 25,000 GST payers of Oct yet to file returns in Nov, tax officers to send reminders
3We must look to leverage FTAs with countries having transparent trading mechanisms: Goyal