Industry & Economy
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`Creating jobs remains main concern'
Our Bureau
Bangalore
,
Jan 17
The Confederation of Indian Industry (CII) summit was a time for sharing happy news and numbers.
There is a high probability that the Government will reduce the peak Customs duty from 12.5 per cent and phase out the prevailing four per cent Central Sales Tax, according to Dr Ajay Dua, Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry.
He was speaking at a session on `Investing in India.'
Dr Dua said that domestic manufacturing companies are increasingly getting capital-intensive, as credit is available easily. The main concern, he said, is creating 10-12 million jobs, nearly double the current figure. Infrastructure problems set back GDP growth by two percentage points.
At the inaugural session, Mr Kamal Nath, Commerce Minister, said: "We have targeted 10 per cent GDP growth and enhancing the contribution of the manufacturing sector to the GDP from 17 per cent to 25 per cent."
The largest and the fastest growing democracy in the world has 400 million people in the 18-35 age group; over 60 per cent of its population is below 25.
The CII President, Mr R. Seshasayee, said that India's external engagement was taking place at a time when geo-economics was overwhelming geo-politics.
The Partnership Summit would address some of the related issues and shape the talks on India's role in the world, he added.
The Karnataka Chief Minister, Mr H.D. Kumaraswamy, said that the State is the fastest growing in India and is set to achieve GDP of nine per cent in the coming year and 12 per cent industrial growth.
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