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Cabinet Nod to Capital Goods Policy Cutting Reliance on Imported Parts : The Cabinet has approved a first ever national capital goods policy that seeks to reduce reliance on imported equipment by incentivising domestic production and in the process creating crores of jobs The policy seeks to increase production of capital goods from Rs. 2.3 lakh crore in 2014-15 to Rs. 7.5 lakh crore in 2025 and also raise direct and indirect employment from the current 84 lakh to three crore.

"Capital goods manufacturing, if it happens in India, along with the manufacturing that is going to happen downstream, the entire economy gets fillip," said Railway Minister Suresh Prabhu after the Cabinet meeting.
(ET, May 26, 2016)

 
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