New Delhi: Union Minister Anant Geete today assured Indian manufacturers that the government would take concrete steps for re-energising the capital goods, automotive and heavy industries sectors. Addressing the International Engineering and Technology Fair (IETF), Geete said the Budget contains a number of proposals to give a critical push to the manufacturing sector and Indian industry must take advantage of these for higher investments. The Minister called for focused inputs from the private sector for meeting the government’s targets of Make in India.
He noted that technology should play a major role in revamping the manufacturing sector. The industry should adapt state-of-the-art technology developed elsewhere and, at the same time, should encourage more indigenous innovation and R&D, Geete said, adding that countries like Japan could provide the relevant technologies and investments in the core sectors of Indian industry. Japan is the partner country for the IETF.
Referring to the Capital Goods Fund, the Minister said that it would work as a growth engine particularly for engineering, automotive and capital goods sectors to spur employment. Japanese Ambassador to India, Kenji Hiramatsu, said that Japan is keenly interested in transferring technology to India. The Ambassador stated that Japan would skill/reskill 40,000 technical people in 10 years by collaborating with engineering colleges and other institutions.
Sumit Mazumder, Immediate Past President, CII said that it should be the effort of all stakeholders to take investment in the capital goods sector to USD 150 billion from the present level of USD 48 billion. The capital goods industry employs around 8.5 million people. He added that the proposed GST will be a force multiplier for Indian industry, which can ride on the back of Make in India programme.