: Government sets up InterMinisterial Committee to strengthen the Capital Goods Sector #FinanceIndia #StockMarketNEWS Government sets up Inter-Ministerial Committee to strengthen the Capital Goods Sector

@StockMarketNEWS Thu 12 Nov, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Government sets up InterMinisterial Committee to strengthen the Capital Goods Sector #FinanceIndia #StockMarketNEWS
Government sets up Inter-Ministerial Committee to strengthen the Capital Goods Sector New Delhi, Nov 12 (KNN) To help the Capital Goods Sector in contributing more actively in the national goal of achieving a USD 5 trillion economy and a USD 1 trillion manufacturing sector, the government has set up a 22-member inter-ministerial committee in strengthening the Capital Goods(CG) Sector through interventions.

Informing about the same, Minister for Heavy Industries and Public Enterprises, Prakash Javadekar expressed happiness and said in a tweet message that the committee will work out ways and means to make the capital goods sector globally competitive and to become the manufacturing hub for the world.

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 IMC will help DHI in taking a holistic view for all the issues pertaining to the CG Sector.

The Committee will look into on all such issues pertaining to the Capital Goods Sector including technology development, mother technology development, global value chains, testing, skill training, global standards, reciprocity issues, custom duties to make this sector globally competitive and to become the manufacturing hub for the world.

Any other relevant issue pertaining to the Capital Goods sector may also be brought before the Committee with the prior approval of the Chairman.

The Inter-Ministerial Committee (IMC) under the chairmanship of Secretary, DHI with representation at sufficiently senior level officers from the concerned Ministries/Departmentsis proposed to meet quarterly. Any other Department or expert as required may be invited by the chair.