Union Cabinet on Wednesday approved the first-ever policy for the country's capital goods sector envisaging creation of over 21 million new jobs by 2025. To create an ecosystem for globally competitive capital goods sector, the policy recommends devising a long-term, stable and rationalised tax and duty structure. The objectives of the National Capital Goods 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. "Cabinet has given its approval for National Capital Goods Policy. The policy envisions increasing the share of capital goods in total manufacturing activity from 12% at present to 20% by 2025.

Source: dna May 25, 2016 05:56 UTC