Union Government forms a 22 member inter-ministerial panel to boost the country’s capital goods sector
A brief note on the inter-ministerial committee(IMC)
The IMC will be headed by Secretary, Department of Heavy Industries with the representation of sufficiently senior-level officers from the concerned Ministries/Departments will meet quarterly.
The proposed committee will look into issues pertaining to the capital goods (CG) sector, including technology development, mother technology development, global value chains, testing, skill training, global standards, reciprocity issues and custom duties to make the sector globally competitive and to become the manufacturing hub for the world
The committee will work towards achieving the target of a USD 5 trillion economy and a USD 1 trillion manufacturing sector.
What are capital goods?
- They are physical assets that a company uses in the production process to manufacture products and services that consumers will later use.
- Capital goods are not finished goods instead; they are used to make finished goods
- Examples of Capital goods include buildings, machinery, equipment, vehicles, and tools