Register to Subscribe



Home arrow News arrow Business News arrow Draft National Manufacturing Policy given PM's in-principle approval
Draft National Manufacturing Policy given PM's in-principle approval Print E-mail
Written by Viswanath, Ganesh   
Friday, 10 June 2011
New Delhi: 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.

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.

Commerce and Industry Minister Anand Sharma said that the Prime Minister has recommended it to a committee of secretaries to fine-tune the policy and report the recommendations to the PM within the next 30 days, so that it can be brought before the Cabinet.

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 draft policy has accorded special focus to machine tools, heavy electrical equipment, heavy transport, earth moving and mining equipment. The growth of small and medium enterprises (SME) would be encouraged and incentivised. Programmes would  be initiated for creating strong capacities with R&D facilities and also to encourage growth and development of such capacities in the private sector while strategically strengthening the public sector to complement private initiatives.

The setting up of a Manufacturing Industry Promotion Board (MIPB), as a parallel body to the Foreign Investment Promotion Board, has been envisaged. This will be chaired by the commerce minister and will work between industry and states to work around specific problems. It will also organise state industry ministers' conference which will meet every six months to develop state industry policies.

The policy underlines mission mode projects which would be conceptualised in sectors like aerospace, shipping, IT hardware and electronics, defence equipment and solar energy to build national capabilities.

The suggestions that the labour laws and environment rules in the NMIZs should be relaxed was opposed by environment and labour ministries.

The 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.

 
Related news
More recent
Earlier on
< Prev   Next >

Sponsors

Mazak - The world's largest machine tool builder
JYOTI - India's most dynamic machine builder
TaeguTec - Cost effective tooling solutions
Advertisement

<< SHARE

Social

AD

Subscribe

Subscribe to MACHINIST by Email

Search

 
RSS 1.0
© 2017 MACHINIST
This site is best viewed with Firefox 2.0 or higher at a minimum screen resolution of 1024x768