News and Events

Capital Goods sector may get Rs 2,360-cr under 12th Plan: Patel

The capital goods sector may be allocated Rs 2,360 crore under the 12th Five Year Plan. This is part of a scheme to provide technical support and to develop manufacturing expertise through modern industrial parks.

This information was provided by the Union Minister for Heavy Industries, Mr Praful Patel in the Lok Sabha on Thursday.

“The Planning Commission has formulated a ‘Manufacturing Plan’ for the five year plan under which capital goods is one of the focus sectors. The scheme includes R&D and technology support, common facility support, skill development and interest subvention,” the Minister said.

A feasibility study for the planned scheme was prepared during the 11th Five Year Plan, but the financial approval was deferred to the 12th Five Year Plan.

The Manufacturing Plan proposes policies and technology support in order to provide a level playing field to domestic manufacturers vis-a-vis foreign companies. The aim is to enhance growth, global competitiveness and reduce import dependence. It also envisages common facility and product development Centres in and around capital goods industrial clusters.

Additionally, the Government has also set up development councils for important sectors like machine tools, textile machines and heavy electrical equipment.