Industry & Economy
-
Economy
Council prepares draft plan for manufacturing sector
Our Bureau
New Delhi
,
Aug. 31
THE National Manufacturing Competitive Council (NMCC) has prepared a draft National Strategy for Manufacturing in India. It focuses on creating conditions for growth and employment in the manufacturing sector that currently contributes about 17 per cent of the country's gross domestic product (GDP).
The draft strategy is expected to be finalised after obtaining inputs from the members of the council. It will also be put up on NMCC's Web site shortly for wider dissemination and for comments from the the public and the industry.
The draft paper has suggested a 13-point strategy for increasing the share of manufacturing in the GDP and for securing a larger share of the global market. The share of manufacturing in the country's GDP is substantially lower when compared to the figure of 25 to 35 per cent of the GDP in some of the East Asian economies.
The 13 areas identified by NMCC for manufacturing competitiveness include greater support from the Government and lowering manufacturing costs. The draft strategy stresses on investment in innovations, strengthening of education and training facilities and the adoption of global best practices. It also focuses on the market framework, competition, regulations the promotion of small and medium scale industries, infrastructure development and the role of State Governments.
It calls for enabling public sector manufacturing industries to meet competitive market conditions and a monitoring mechanism that would lead to greater accountability.
The strategy paper covers the role of intellectual property rights, information technology and the various challenges facing the Indian manufacturing sector.
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