Inter-ministerial panel for strengthening India’s capital goods sector holds first meeting

The inter-ministerial committee for strengthening India’s capital goods sector constituted by the government last month held its first meeting on Wednesday, a top official said on Thursday. Heavy Industries Secretary Arun Goel, who heads the panel, said it is essential that constraints faced by the capital goods sector are resolved at the earliest in order to achieve Prime Minister Narendra Modi’s vision of an Atmanirbhar Bharat or self-reliant India.

The secretary said the panel will address the issues faced by the industry pertaining to technology development, global value chains, testing infrastructure, skill training, global standards, and customs duties. Addressing the CII Capital Goods Summit virtually, hesaid the time has come to “walk the talk” particularly in the capital goods sector and “that is what the government is trying to do”.

The inter-ministerial committee, under the chairmanship of the heavy industries secretary, with representation of sufficiently senior-level officers from the ministries and departments concerned will meet quarterly.