Praful Patel, Minister of Heavy Industry and Public Enterprises, on Monday pitched for incentivising capital goods, particularly for exports to strengthen the manufacturing base in the country.
“Look at the defence industry, where we have to import almost everything, which entails a huge outgo of resources. We have to develop such facilities domestically and it is possible given our raw material base and talented pool of technocrats,” he said here at an event.
Referring to the achievements of the auto sector in developing the manufacturing base in the country, he said that now all major brands are manufactured in the country.
He also said there is a need for India to emerge as a manufacturing hub for capital goods industry not only for meeting domestic demand but also for exports.
The auto industry would grow further and give the much needed cushion to the manufacturing sector to achieve its potential, he said at the Confederation of Indian Industry’s (CII) ‘National Conference on Emerging Opportunities for the Capital Goods Industry’.
He said that for the capital goods industry to grow it is important to have uninterrupted power supply and quality inputs like steel.
Installation of nuclear power plants, which are environmentally sound, would help in meeting the huge power demands of the capital goods industry.
Equally significant is empowering the Indian industry to manufacture all kinds of steel needed for the manufacturing sector, which is currently being imported in large quantities, he added.
Keywords: decline in engineering exports in India, Minister of Heavy Industries and Public Enterprises, Praful Patel, export incentives, incentivising capital goods, capital goods industry, boost growth in capital goods industry, auto sector, Confederation of Indian Industry