The government has set up a 22-member inter-ministerial committee in strengthening the Capital Goods (CG) Sector through interventions that help the CG Sector in contributing more actively in the national goal of achieving a $5 trillion economy and a $1 trillion manufacturing sector, the Ministry of Heavy Industries and Public Enterprises said on Wednesday (11 November).

Informing about the same, Union Minister for Heavy Industries and Public Enterprises Prakash said that the committee will work out ways and means to make the capital goods sector globally competitive and to become the manufacturing hub for the world.

The ministry said that initiatives in the Capital Goods Sector require in depth consultations and deliberations with all concerned ministries/departments on regular basis.

It is in this light that proposed Inter-Ministerial Committee (IMC) is being constituted with representation from all the concerned ministries/departments dealing with the CG sector and using CG machinery to regularly meet and deliberate to address the issues and bottleneck pertaining to the sector, the ministry said.

The IMC will help the ministry in taking a holistic view for all the issues pertaining to the CG Sector.

The committee will look into on all such issues pertaining to the Capital Goods Sector including technology development, mother technology development, global value chains, testing, skill training, global standards, reciprocity issues, custom duties to make this sector globally competitive and to become the manufacturing hub for the world.

Any other relevant issue pertaining to the Capital Goods sector may also be brought before the committee with the prior approval of the chairman, it said.

The 22-member committee will be headed by the Secretary of the Department of Heavy Industries and will have representation from other concerned ministries.