Department of Heavy Industry proposes Rs 2,360-cr scheme for capital goods industry

NEW DELHI: The Department of Heavy Industry has recommended a scheme of worth Rs 2,360 crore for the upliftment of capital goods industry which will in turn reduce the import dependency.
 

Under the proposed scheme, modern industrial parks and technical support will be offered to the capital goods sector. The disbursement of Rs 2,360 crore will be the part of the department's commitment to develop the industrial base of the country. The Department of Heavy Industry handles 19 sub-sectors of capital goods sector, including electrical equipment, boilers, turbines and transformers. The proposed scheme favours to set up modern, common facility centres and sector-specific industrial cluster parks and R&D support to industries. Moreover, the proposal is in line with the government's target to increase the contribution of manufacturing sector to country's GDP to 25 per cent from existing 16 per cent.