More support for capital goods industry: Minister

July 13th, 2009 - 9:05 pm ICT by IANS  

Mumbai, July 13 (IANS) The capital goods industry can expect more supportive measures from the government in the coming months, Heavy Industries Minister Vilasrao Deshmukh said here Monday.
“Our endeavour is to support the capital goods industry so that it can help Indian manufacturing industry to meet the challenge of global competition and sustain the growth momentum in exports,” Deshmukh said at a function organised by the Confederation of Indian Industry (CII).

The minister said the current budget had accepted some recommendations of his ministry but a lot more could be expected from the next budget.

The capital goods sector witnessed a growth rate of 18 percent during 2007-08, which fell to 7 percent in 2008-09 due to the slowdown.

“The capital goods customers are rescheduling their orders and postponing the acceptance of deliveries, which is a cause of concern for the sector”, Deshmukh said.

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