Business Daily from THE HINDU group of publications
Friday, Jul 14, 2006
Business Daily from THE HINDU group of publications Friday, Jul 14, 2006 |
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Infrastructure `Manufacturing investment regions on the anvil' Our Bureau
Manufacturing boost A manufacturing investment region policy is being formulated which would ensure benefits of world-class infrastructure to units located within them Electronic and telecom hardware, automobile and auto-component, leather processing, footwear, leather goods and food processing industries are expected to come within the MIR policy
New Delhi , July 13 Foreign Direct Investment (FDI) inflows into the manufacturing sector have registered a significant jump from $671.47 million in 2003-04 to over $2 billion in 2005-06, the Commerce and Industry Minister, Mr Kamal Nath, has said. Stating that manufacturing sector was a prime driving force of the country's economic development, Mr Kamal Nath had told reporters here that further initiatives were underway to increase the share of manufacturing in gross domestic product (GDP) from the current level of about 17 per cent to 25 per cent by 2012 and 30 per cent by 2020.
Policy framework
In this regard, the Minister said that the Government was formulating a policy framework for manufacturing investment regions (MIRs) and petroleum and petrochemicals investment regions (PCPIR). "The MIRs are proposed to cover over 100 sq km being larger than special economic zones (SEZs). "These regions may include SEZs, industrial clusters, IT parks, export oriented units and other such established schemes. "The units located within these regions would get the benefit of world-class infrastructure, but no specific fiscal incentives," he said.
Specific industries
Mr Kamal Nath said that MIRs would be set up for specific industries where India has a distinct advantage such as electronics and telecom hardware, automobile and auto-component, leather processing, footwear, leather goods and food processing. He also said that multi-product MIRs could also be considered. The Commerce and Industry Minister said that single window clearance and flexibility in labour laws within these investment regions are also being explored though these would require legal backing of State laws.
Other initiatives
The other initiatives being considered include introduction of a system of self-certification by various departments of the Government and a massive programme of national skill development to ensure that 6,500 Industrial Training Institutes start producing skills that are more contemporaneous.
More Stories on : Infrastructure | Foreign Direct Investment
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