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Home arrow News arrow Business News arrow National Manufacturing Policy in few weeks, Cabinet Paper Moved: Sharma
National Manufacturing Policy in few weeks, Cabinet Paper Moved: Sharma Print E-mail
Written by Ganesh   
Saturday, 20 August 2011
New Delhi: The Union Minister for Commerce, Industry and Textiles, Anand Sharma informed today that his ministry has moved the cabinet paper on the National Manufacturing Policy. The Policy aims to take the share of manufacturing from 16 per cent to 25 percent by 2025.

"Yesterday I signed the Cabinet note on the National Manufacturing Policy and in few weeks time India will have its first national Manufacturing Policy in place," said Sharma. He was speaking at the Export Summit-2011 organized by the Confederation of Indian Industry (CII) in New Delhi.

Sharma emphasized the need to increase India’s share in global trade which is currently less than 2%. He said that India will achieve its target of doubling its share in global trade in goods and services by the target year of 2020. Minister Sharma emphasized that there has been a splendid increase of 114% in manufacturing sector exports since the global crisis. However, he raised a concern that the contribution of the manufacturing sector to India’s GDP is merely 16% as compared to over 22% in other developing countries.

He said that India is set to achieve US$ 550 billion exports by 2014-15.

Sharma said that there has been a substantial progress in our trade with Latin America, Africa and ASEAN. The Minister pointed out that with these measures we have been able to cross 600 billion USD mark in our two-way trade last year and expressed the confidence that we will be able to achieve the target of doubling our exports in per cent terms by 2020. “While traditional items will continue to grow we are getting good exports in high end manufacturing and engineering. The sectoral plans are in place to carry on the momentum”, Shri Sharma added. However, he stressed the need to prepare for every eventuality as the global recovery is fragile and new problems are emerging.

Emphasizing the need to diversify the export destinations of Indian products, Minister Sharma said that growth is currently coming from Africa, South America and the ASEAN countries. He said that not every part of the globe has been hit by the global slowdown and the countries in these regions are growing even if the traditional markets have been slowing down.

Sharma also informed that the policy will provision for creation of world class manufacturing infrastructure, augmented with appropriate social and institutional infrastructure, through establishment of integrated mega National Investment and Manufacturing Zones(NIMZs).

He said that India has the responsibility to create employment for the young entrants to the workforce who constitute almost two third of the population. He added that in the coming few years about 100 million young people will enter the job market and emphasis on manufacturing is the critical part of creating employment for them.

He emphasized on the necessity to invest in research and development and the need to come up with National Mega Manufacturing Zones to create jobs for the huge work force. The Minister mentioned that services, manufacturing sector and investments are the three pillars of the Indian economy and that the Government has been focusing equally on all three pillars while negotiating trade agreements.

Last Updated ( Saturday, 20 August 2011 )
 
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