Further, our manufacturing sector has been stagnant at 13-17 per cent of GDP for over four decades. That would make its contribution from $0.5 trillion today to $6-7.5 trillion in 2047, of which the capital goods (CG) sector would necessarily have to contribute $1.1-1.5 trillion from $75 billion to enable this output. Under the Scheme for Enhancement of Competitiveness of the CG sector, the Ministry of Heavy Industry (MHI) is nurturing collaboration between industry and academia yielding remarkable results. To address this imbalance, the MHI, it is understood, has sanctioned over 50 qualification packages for the CG sector alone. These strategic measures will enable us carve out a competitive position for ourselves domestically and in the global CG market.

Source: The Hindu November 28, 2023 03:57 UTC