Import substitution is key to economic prosperity: Union Minister

Union Minister emphasizes import substitution for economic growth at SASTRA's Capital Goods Accelerator, aiming to reduce imports by ₹25,000 crore.

Import substitution is key to the country’s economic prosperity, according to Union Minister for Heavy Industries, Mahendra Nath Pandey.

Participating in the inauguration of the Capital Goods Accelerator and Training Centre, SASTRA, a Deemed-to-be-University, Thirumalaisamudhram near Thanjavur on Tuesday, the Union Minister said that the country’s global manufacturing capacity relies on the capital goods sector having a huge potential of around ₹1,50,000 crore. The Centres such as the one at SASTRA could achieve at least ₹25,000 crore reduction in imports with a potential for further savings, he added.

The GCAT Centre at SASTRA is established at a cost of ₹40 crore with 80% funding from the Ministry of Heavy Industries and 20% from industry partners. This centre focuses on emerging technologies like AR/VR, IIoT, Robotics, 3D & 4D printings, Drones and Electronics Manufacturing. A reverse propulsion wheelchair and semi-tender coconut processing line developed under this project were also launched on the occasion.

The Joint Secretary, Ministry of Heavy Industries, Vijay Mittal, vice-chancellor, SASTRA, S. Vaidhyasubramaniam and others participated in the function.