Govt. to announce manufacturing policy soon

By admin May 18, 2011 11:11 am IST

Exports to cross US$ 200 billion in 2010¬11: Anand Sharma
 
On 8th April, the government has announced that it will soon unveil a national manufacturing policy, which aims at attracting overseas investments and increase the share of the sector in the economy. “Manufacturing is the key to inclusive growth in India, and the government is ready with a radical new manufacturing policy,” said Anand Sharma, Minister for Commerce and Industry in his address to the CII at its national conference and annual session. The Minister also announced that exports for the year 2010‑11 would be well over the target of USD 200 billion, and represents a remarkable recovery from 2009-10 when exports had suffered due to the global economic crisis.
 
Sharma focused his speech on the new manufacturing policy which will be the growth engine of India’s economy. India is already the back office of the world and the pharmacy for the world’s poor, it is time for India to emerge as the technology workshop of the world by becoming a global leader in high technology manufacturing, said the Minister. “This policy would be designed in a way to attract greenfield investment into cutting edge technology, and include comprehensive measures that address industry concerns”, he said.

 
Referring to the government’s global engagement agenda, Sharma points out that it was in keeping with the changing paradigm of global investment and trade with Asia and emerging countries in Africa and Latin America becoming the engines of global growth. He announced in addition to existing trade negotiations with Indonesia, Thailand, MERCOSUR, and South African Customs Union (SACU), trade negotiations would soon be initiated with the Common Market for Eastern and Southern Africa (COMESA) and  Economic Community Of West African States (ECOWAS) regional trade groupings in Africa. This represents a comprehensive outreach to all the major emerging regions in the world.
 
The Minister contextualized this focus on the emerging countries with ground realities such as the G20 replacing the G8 as the global policy forum. He said that the world has become more inclusive and developing countries are now in a position to re‑design the global architecture governing international trade and investment. Speaking on trade negotiations, the Minister urged the media and industry not to fall victim to speculation and reassured the industry that the first priority of the government in any trade negotiation is the national economic interest.
 
Responding to a question by Kiran Mazumdar Shaw on the threat to Indian pharmaceutical industry’s growth by international agreements on IPR like the Anti-Counterfeiting Trade Agreement (ACTA) that sought to undermine existing arrangements like the TRIPS, the Minister was firm in rejecting such attempts. He said that the government is committed to the TRIPS regime and would not accept any attempts to discuss IPR outside the multilateral WTO framework.