June 10, 2011 Leave a comment
The draft National Manufacturing Policy was given in-principle approval at a meeting of the High Level Committee on Manufacturing, held under the Chairmanship of the Prime Minister and attended by the Finance Minister, Commerce and Industries Minister, Deputy Chairman, Planning Commission, Ministers for Environment and Forests, Corporate Affairs, and the Chairman of the Economic Advisory Council.
Commerce and Industries Minister presented the draft Manufacturing Policy prepared by the Department of Industrial Policy and Promotion, in consultation with the NMCC and the Planning Commission. This draft Policy has been finalized after stakeholder consultations with concerned Ministries, State governments and industry associations.
The Policy has, as its objectives, the increase in the sectoral share of manufacturing in GDP from the present 16% to at least 25% by 2025 and increase in the rate of job creation in manufacturing to create 100 million additional jobs by 2025.
The creation of National Investment and Manufacturing Zones (NIMZs), as mega investment regions equipped with world-class infrastructure, has been proposed as a major policy instrument.
The Prime Minister observed that the policy measures proposed would reduce the compliance burden on industry. At the same time, these measures have to be formulated while adequately taking care of the environmental and labour welfare concerns. He directed that these issues may be further discussed at the Ministerial level. He further directed that this consultation process may be completed within one month, so that the National Manufacturing Policy can be brought before the Cabinet and the final Policy announced, which will send a positive message to the investing community.