India Inc welcomed the Cabinet approval of the National Manufacturing Policy on Tuesday.
FICCI stated that the policy would help in increasing the manufacturing sector's share in the GDP from the current 15 per cent to 25 per cent. It would also provide a much needed fillip to the manufacturing sector and help in job creation, according to the chamber body.
The body greeted the instruments and proposals of the National Manufacturing Policy in the areas of green technology, exit mechanism and skill development.
CII too stated that the policy announcement would create an upswing in the overall business confidence.
“Timing of the approval is also important and assumes greater significance given the domestic business environment and current global uncertainties. The policy announcement at this critical time would generate momentum resulting in long-term positive impact on the growth aspirations,” said a CII statement.