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Home arrow News arrow Business News arrow Develop India's manufacturing sector for sustaining economic growth: Sharma
Develop India's manufacturing sector for sustaining economic growth: Sharma Print E-mail
Written by Viswanath   
Friday, 11 February 2011
New Delhi: Anand Sharma, Minister of Commerce & Industry, Government of India has informed that India’s first ‘National Manufacturing Policy’, will soon be unveiled, which aims to increase the contribution of manufacturing sector in India’s Gross Domestic Product (GDP) from the current 17 percent to around 25 percent. He was inaugurating the nineteenth edition of the International Engineering and Technology Fair.

India’s manufacturing sector has great potential to expand, said Mr. Sharma and explained the steps being taken by the government to boost the sector.

The International Engineering and Technology Fair, being organised by the Confederation of Indian Industry (CII) in New Delhi, offers the right platform for Indian industry to showcase its engineering and technological prowess, said Sharma.

The Minister also talked about the need for creating gainful employment opportunities for a large section of India’s population and felt that the manufacturing sector should be made the ‘bulwark’ of employment generation in India. He called for increased investment in training and skills development; investment in increasing the manufacturing capacity and increased investment in research and development, to help boost employment in the manufacturing sector. He said, India’s investment in innovation is miniscule at around one percent of GDP and expressed hope to double the same in near future.

The Minister said that during the recent global financial crisis, while the world became inward looking and protectionist, India continued to engage with the world. He said, since the financial crisis, India has signed free trade agreements (FTA’s) with ASEAN and South Korea. He also informed that Comprehensive Economic Partnership Agreements (CEPA), with Japan and Malaysia, will be ratified on 15th and 16th of this month, respectively. 

Mr. Sharma also said that in the next two decades, three of the world’s five largest economies will be in Asia and added that the centre of global economic and political power is slowly but surely moving towards Asia.

H E Ms. Sheikha Lubna Bin Al Qasimi, Minister of Foreign Trade, UAE, said UAE is India’s leading trade partner and added that during the first ten months of 2010, the bilateral trade between the two countries stood at US$ 35.8 billion, up from US$ 29.4 billion reached during the same period in 2009. She also said that the use of engineering and technology are crucial for accelerating and sustaining a country’s economic growth and added that society has benefited significantly from their use. She however, felt that their increased use has led to rapid depletion of natural resources and has also contributed towards climate change. She complimented CII, for including Eco products at this year’s IETF.

Mr. R P Singh, Secretary, DIPP, complimented CII for merging Eco Products International Fair along with IETF and expressed his happiness for the tremendous response received from the industry. He also called for greater learning from Japan in the area of sustainable development. He said India has significantly adapted from Japan in building Smart cities along the Delhi Mumbai Industrial Corridor.

H E Mr. Hideaki Domaichi, Ambassador of Japan to India, said the fair is timely as it happens right before the scheduled visit of Mr. Anand Sharma to Japan. He expressed hope that the ratification of India – Japan CEPA would lead to dynamic expansion in the bilateral relationship between the two countries. He also expressed his pleasure over the participation of large number of Japanese companies in IETF.

Mr. Takashi Yamagishi, Chairperson, EPIF Preparatory committee and Senior Executive Advisor Teijin Ltd, talked about the seventh Eco Products International Fair, happening along with IETF.

Mr. Hari S Bhartia, President, CII talked about the five pronged strategy being adopted by the government and the industry in India to sustain high economic growth. The five areas, according to him, which are receiving increased importance in India are – one, investment in education and skills development; second, higher investment in infrastructure; third, focus on increasing the share of manufacturing in India’s GDP; fourth, focus on improving agricultural productivity; and fifth rationalisation of tax system through the introduction of a Goods and Services Tax (GST).

Earlier, Mr. Rajive Kaul, Chairman, Steering Committee IETF 2011, talked about the various concurrent shows happening along with IETF 2011. Some of the highlights of IETF, he said, include, Water India, Solid waste management, exclusive stainless steel pavilion, welding pavilion, corporate pavilion, manufacturing pavilion and the contemporary art gallery.

Last Updated ( Friday, 11 February 2011 )
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