India targets manufacturing growth 3 percent above GDP

June 22nd, 2011 - 8:43 pm ICT by IANS  

New Delhi, June 22 (IANS) Under the proposed National Manufacturing Policy, India would target the sector’s growth at 2-3 percent higher than the country’s average economic growth rate, Planning Commission member Arun Maira said Wednesday.

“The objective of the National Manufacturing Policy is to achieve a growth rate for Indian manufacturing sector which is 2-3 percent higher every year than India’s gross domestic product (GDP) growth rate,” Maira said at an event organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here.

He said greater cooperation was needed between industry and policy makers to ensure successful implementation of the proposed policy.

Maira also emphasised on the need for greater coordination between the government and industry associations.

The government recently announced the draft of the National Manufacturing Policy that aims to create 100 million additional jobs during the next 15 years and increase the share of manufacturing in the country’s GDP to 25 percent by 2025 from the present 16 percent.

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