More than 21 million jobs to come by 2025: Government
New Delhi : Union Cabinet on Wednesday approved the first-ever policy for India's capital goods sector which will create nearly 21 million jobs by 2025.
The objective behind such a decision is 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 from the current Rs 2.3 lakh crore, according to a government spokesperson.
"Cabinet has given its approval for National Capital Goods Policy. Production to go up from Rs 2,30,000 crore in 2014-15 to Rs 7,50,000 crore in 2025, jobs from 8.4 million to 30 million," the spokesperson said in a tweet.
This will boost domestic employment to at least five million from current 1.4 million and indirect employment to 25 million from current 7 million. This will add up to create job opportunities for nearly 21 million people in India.
The policy is aimed to increase the share of capital goods in manufacturing activities from 12 per cent to 20 per cent by 2025.
In an earlier unveiled document it was mentioned that this policy will unlock potentials to establish India as manufacturing power house.
Quick Reads:
- Union Cabinet has approved a policy to create nearly 21 million jobs by 2025
- The policy is for India's capital goods sector
- Production to go up from Rs 2,30,000 crore in 2014-15 to Rs 7,50,000 crore in 2025, jobs from 8.4 million to 30 million
- Domestic employment will get a boost from current 1.4 millions to five million
- Direct plus indirect employment will create a job opportunity for nearly 21 million people.
