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MACHINIST - CII welcomes the NMCC report recommending the New Manufacturing Policy

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Home arrow News arrow Business News arrow CII welcomes the NMCC report recommending the New Manufacturing Policy

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CII welcomes the NMCC report recommending the New Manufacturing Policy
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Written by Viswanath   
Wednesday, 24 September 2008

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New Delhi: CII has congratulated Dr. V Krishnamurthy, Chairman, National Manufacturing Competitiveness Council and the core group, for proposing the new Manufacturing Policy, an exercise done for the first time by India, said a CII Press Statement issued here today.

The Manufacturing Policy would help to give the required thrust on manufacturing growth over the short and long term, said the CII Statement. The manufacturing sector has been contributing about 17% to the GDP, and has seen some challenges in terms of growth in the last few months.

Hopefully, the new policy would create the proper ecosystem to sustain a 14 to 15% growth for the medium to the long term, said the CII statement.

This would also help increase the share of Manufacturing in the GDP, CII has said.

This is essential for creating the value addition and employment in urban and rural areas. CII has said that it expects the report to set into place benchmarks for manufacturing growth across the key sectors such as steel, mining, chemicals, petrochemicals, textiles, capital goods, drugs and pharmaceuticals and energy (including non-conventional, specifically solar). The policy would also help leveraging new opportunities coming from sunrise sectors such as aerospace, solar energy sources, nanotechnology applications etc.

“The new policy is extremely timely and would boost investor confidence and give the required spur to manufacturing industry. And we hope this would help Indian manufacturing make its mark in the international markets. India needs a robust and vibrant manufacturing sector to be the backbone of its economy as also to address the issue of employment creation.” – said Chandrajit Bannerjee, Director General, CII.

 
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