Wednesday, May 25, 2016

Govt approves Capital Goods Policy,

The government has approved first ever policy for the country's capital goods sector envisaging creation of over 21 million new jobs by 2025. The National Capital Goods Policy was approved at a Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi. Briefing media, Railway Minister Suresh Prabhu said, the objectives of the new policy are to create an ecosystem for a globally competitive capital goods sector to achieve total production in excess of Rs 7.5 lakh crore by 2025 from the current level of Rs 2.3 lakh crore. He said, the policy aims at raising direct and indirect employment from the current 8.4 million to 30 million.

The policy envisages increasing exports from the current 27 percent to 40 percent of production. It will also help increase the share of domestic production in India’s demand from 60 percent to 80 percent thus making India a net exporter of capital goods. The Policy will help realising the vision of Building India as the World class hub for Capital Goods. It will also play a pivotal role in overall manufacturing as the pillar of strength to the vision of Make in India. The objectives of the policy will be met by the Department of Heavy Industry in a time bound manner through obtaining approval for schemes as per the roadmap of policy interventions. 

In another decision, the Cabinet today granted ex-post facto approval to the Amendment to The Institutes of Technology Act, 1961 for incorporation of six new IITs at Tirupati in Andhra Pradesh, Palakkad in Kerala, Dharwar in Karnataka, Bhilai in Chhattisgarh, Goa, Jammu and conversion of ISM, Dhanbad to an IIT under the Institutes of Technology Act, 1961.

The Cabinet also granted ex-post facto approval for establishment of National Institute of Technology,NIT, Andhra Pradesh which has been registered as a Society under the Andhra Pradesh Societies Registration Act, 2001. The approval will give a legal entity to NIT,Andhra Pradesh.This Institute is being funded by the Centre.

The Cabinet has also approved introduction of a Bill namely the National Institutes of Technology, Science Education and Research (Amendment) Bill, 2016 for inclusion of the NIT, Andhra Pradesh in its First Schedule. The proposed amendments to the Bill will ensure a high levels of public accountability and increased participation of the. stakeholders in the administration and academic activities of the Institute. 

In an another decision, the Cabinet gave ex-post facto approval to the Memorandum of Understanding, MoU signed between India and Maldives for strengthening cooperation in the field of tourism. An official release said, the MoU aims at encouraging cooperation between tourism stakeholders, including hotels and tour operators, establishing exchange programme for cooperation in Human Resources Development and making investment in the Tourism and Hospitality sectors.

The Cabinet also gave its nod for financial restructuring of Hindustan Steel Works Construction Limited (HSCL) and its takeover by National Buildings Construction Corporation Limited (NBCC). NBCC and HSCL are Government of India enterprises with similar lines of business activities. The decision will benefit in economies of scale for NBCC and would assist in better manpower utilization.

Besides, Cabinet gives ex-post facto approval to the Amendments in the Constitution (Scheduled Tribes) Order, 1950 to modify the list of Scheduled Tribes in Assam, Chhattisgarh, Jharkhand, Tamil Nadu, Tripura and Puducherry.

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