The new capital goods policy will address the concern of large scale penetration of foreign equipment in the sensitive power sector, an electrical equipment makers' industry body said today.
The National Capital Goods Policy of the Department of Heavy Industry is "a major step to unleash the potential of this promising sector and is envisaged to contribute significantly to achieving the overall vision for manufacturing and 'Make in India'", Indian Electrical & Electronics Manufacturers' Association (IEEMA) said.
The government last month approved the first-ever policy for the capital goods sector envisaging creation of over 21 million new jobs by 2025.
The objectives of the National Capital Goods Policy are to create an ecosystem for a globally competitive capital goods sector to achieve total production in excess of Rs 7.5 lakh crore by 2025 from the current Rs 2.3 lakh crore, according to a government spokesperson.
"It(the policy) will go a long way and will also help in upgrading testing and calibrating infrastructure in the country, especially for high voltage equipment, on a high priority basis under PPP mode...The policy will also address the concern of large scale penetration of foreign equipment in the sensitive power sector," IEEMA President Babu Babel said.
