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Manufacturing policy coming up to increase share of manufacturing in GDP Print E-mail
Written by Anand   
Tuesday, 16 November 2010
New Delhi: Stating that India needs a revolution for manufacturing, Jyotiradtiya Scindia, Minister of State, Commerce and Industry said that a manufacturing policy is likely to be unveiled in the next couple of months. The manufacturing policy is intended to increase the share of manufacturing in GDP to 25 per cent by 2022

He was addressing the plenary session on ‘India’s Role in Global Competitiveness’ on the 2nd day of the India Economic Summit, being organized by the World Economic Forum (WEF) in partnership with the Confederation of Indian Industry (CII).

The Minister defined the contours of a new manufacturing strategy focusing on rational exit mechanisms, technology zones, training programs, and infrastructure development that would be expected to be announced by the Ministry of Commerce and Industry very soon.

The Ministry of Commerce and Industry has also introduced a discussion paper on national manufacturing and investment zones (NMIZs).

Scindia was categorical that development initiatives and financing models can create global competitiveness for Indian manufacturing by leveraging India’s strength in skilled manpower.

Pawan Munjal, Managing Director and Chief Executive officer, Hero Group, India and the Co-Chair of the Summit laid stress on some fundamental constraints that need to be addressed in achieving a decent and sustainable manufacturing growth path.  Munjal listed poor infrastructure, redundant labour laws and the lack of capacity of the Indian capital goods sector as the some of the constraints that hold back the Indian manufacturing sector.

Jim Quigley, Global Chief Executive officer, Deloitte, USA, stressed that India maintained an edge with respect to other Asian countries and referred to the recently concluded Manufacturing Competitiveness Survey, conducted in partnership with the United States Council on Competitiveness where India was rated number 2 in terms of manufacturing competitiveness in the background of availability of skilled manpower.

Currently the manufacturing sector's contribution to India's GDP is 16 per cent.

 
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