Govt plans start-up center for capital goods sector

Photo: Mint

Photo: Mint

Mumbai: The Indian government has decided to create a ‘start-up centre’ for the capital goods industry and will also launch a technology development fund for the sector.

The ministry of heavy industries and public enterprises, on Monday, while announcing national capital goods policy 2016, said it will create a start up centre for the capital goods sector in partnership with industry associations to provide an array of technical, business and financial resources and services to promising start-ups in the manufacturing and services space.

These services will focus on pre-incubation, incubation and post incubation phases of a start ups’ growth to ensure that a robust foundation is established, the document released on Monday said.

The ministry will also launch a technology fund under the public private partnership (PPP) model to fund technology acquisition, transfer of technology, purchase of intellectual property rights, as well as for commercialisation of such technologies related to the capital goods sector.

The National Manufacturing Policy aims to push up the share of manufacturing in the country’s GDP to 25% from about 17% currently. It also envisages the creation of 100 million jobs from the manufacturing sector compared to only 4 million jobs estimated to have been created in the sector since 2010.