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`Govt's proactive policy has resulted in a turnaround of the sector'

PROACTIVE POLICY: Mr Santosh Mohan Dev, Minister for Heavy Industries, and Mr R. Seshasayee, CII President, at a seminar in the Capital on Friday. — Kamal Narang

New Delhi , Aug. 25

In order to enable the manufacturing sector to grow at 12 per cent, the Government will be preparing a detailed roadmap for the capital goods industry, Mr Santosh Mohan Dev, Union Minister for Heavy Industries and Public Enterprises, said on Friday.

"Considering the importance of the capital goods sector and its contribution to national economy and generation of employment, I personally feel that we should all work together for the growth of the industry," the Minister said, while releasing a Confederation of Indian Industry draft report on Indian Capital Goods Industry.

Providing help

The Government has initiated a proactive policy and is providing administrative support, which has resulted in a turnaround of the capital goods industry after a prolonged period of recession, he added.

The industry posted a growth of 21.1 per cent in the period up till May in the current financial year, up from 15.5 per cent in 2005-06 and 13.5 per cent in 2004-05. Mr Dev added that of the 47 public sector undertakings under the Department of Heavy Industry, 36 undertakings are earning profit before tax.

The study by CII on four segments of the capital goods sector — heavy electrical, mining and construction, machine tools and process plant equipment — indicates that it is set to touch a turnover of Rs 62,150 crore in 2007-08, which is a 44 per cent growth over its turnover in 2005-06. Further there are projects worth Rs 6,743 crore in the pipeline in the sector.

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