National Manufacturing Policy cleared

June 10th, 2011 - 12:11 am ICT by IANS  

Manmohan Singh New Delhi, June 9 (IANS) Prime Minister Manmohan Singh Thursday chaired a key meeting that cleared the ambitious National Manufacturing Policy amid concerns expressed by some members about the creation of national investment and manufacturing zones (NIMZs).

Commerce and Industries Minister Anand Sharma presented the draft policy prepared by the Department of Industrial Policy and Promotion the National Manufacturing Competitiveness Council and the Planning Commission.

The policy, finalised after extensive consultations with key stakeholders, including ministries, state governments and industry associations, seeks to increase the sectoral share of manufacturing in GDP from the present 16 percent to at least 25 percent by 2025 and increase in the rate of job creation in sector to create 100 million additional jobs by 2025.

The meeting, which was attende by Finance Minister Pranab Mukherjee, Commerce and Industries Minister Anand Sharma, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia, Environment and Forests Minister Jairam Ramesh, Corporate Affairs Minister Salman Khurshid and Economic Advisory Council Chairman C. Rangarajan, gave an in-principle approval to the policy.

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, said a statement from the Prime Minister’s Office (PMO).

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,” the statement said.

He further directed that this consultation process 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, said the PMO statement.

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