Capital Goods Industry needs to achieve self-reliance: Secretary, Ministry of Heavy Industries

New Delhi: The Indian Capital Goods industry is accorded strategic and economic importance due to its capability to boost growth in the manufacturing sector and the overall economy. Addressing at 6th edition of the CII Capital Goods Summit 2021 themed around “Building a Globally Competitive, Self-reliant and Sustainable Capital Goods Industry”, Shri Arun Goel, Secretary, Ministry of Heavy Industries, Government of India mentioned the need for creating an ecosystem for export promotion, investment, technology, automation and driving new sustainable solutions which is crucial for accelerating India’s growth trajectory and harnessing the full potential. He stated that while the Government and Industry is on the same side, the pressing need is to achieve self-reliance.

Highlighting the role of the Capital Goods industry as one of the key pillar of the Production-Linked Incentives (PLIs)” to boost manufacturing sector growth, he urged industry members to make the objective of PLI scheme a success by leveraging the emerging opportunities and further boosting growth in the Indian economy.

Shri Arun Goel, highlighted that with the changing geopolitical scenario and opening of markets, this is an opportune time for the Capital Goods industry to be globally competitive and be at par with the global economic landscape. He further added that technology plays an important role in strengthening the position of Indian Capital Goods Industry and global placement of the industry.

He laid importance on the need to create an ecosystem for export promotion, investment, technology, automation and driving new sustainable solutions, as crucial for accelerating India’s growth trajectory and harness its competitive potential. He stated that the Industry and Government should work in close collaboration to have a positive impact on the overall ecosystem.

Mr Deepak Shetty, Chairman, CII National Committee on Capital Goods and Engineering, & Managing Director and CEO of JCB India Ltd., addressing at the summit acknowledged the impact of the two waves of the COVID-19 pandemic on the Indian economy, and the emerging signs of economic recovery. With CII simulations further showing the possibility of a 9% growth in the medium term, this could enable the economy to reach the critical US$5 trillion mark by the year 2025-26. He further added that much of these goals require the active involvement of the Capital Goods industry, along with the strategic cooperation between the government and the industry.

Mr Ashish Bhandari, Co-Chairman of CII National Committee on Capital Goods and Engineering, and Managing Director and CEO of Thermax Ltd, addressing the Summit spoke about the increasing importance of sustainability to be globally competitive. He mentioned that institutionalising the scope of sustainable manufacturing through higher quality of products, adherence to environmental and emission standards, while incorporating the usage of technology and automation will expand India’s presence in the global value chain that is sustainable and environmentally conscious.