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OEM Update

New manufacturing policy gets green signal; receives mixed response

July 21, 2011 6:12 am

A high level committee chaired by Prime Minister of India, recently approved the draft National Manufacturing Policy that seeks to increase the share of manufacturing in the GDP to 25 per cent by 2025 from the current 16 per cent. The policy envisages creation of 100 million additional jobs by 2025. An OEM Update report
The new draft manufacturing policy which got an in-principle nod, received a job well done from different industry bodies across the nation. The ‘National Manufacturing Policy’ draft was approved by high-level committee headed by the Prime Minister of India, Manmohan Singh. The meeting included members like Chairman of PM’s Economic Advisory Council, Ministers of Finance, Commerce and Industry, Environment and Corporate Affairs as well as the Deputy Chairman of the Planning Commission.
Anand Sharma, the Minister for Commerce and Industries presented the draft manufacturing policy prepared by the Department of Industrial Policy and Promotion (DIPP), in consultation with the NMCC and the Planning Commission. This draft policy has been finalised after stakeholder consultations with concerned ministries, state governments and industry associations. The new manufacturing policy aims to increase in the sectoral share of manufacturing in GDP from the present 16 per cent to at least 25 per cent 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 points that have been included in the policy are of reducing the burden on the compliance and the labour concerns. The other points are of creating a Manufacturing Industry Promotion Board which will co‑ordinate between the Central and State Governments.
The policy draft for the NIMZs will be showcased to the Cabinet at first; however before it is placed in front of them, a Committee of Secretaries (CoS) have been asked to submit a report by next month after they look into the issues presented in the draft policy.

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