Economy

New manufacturing policy seeks to create 100 m jobs by 2025

Our Bureau New Delhi | Updated on March 12, 2018 Published on June 09, 2011

Prime Minister, Dr Manmohan Singh

BL10_policy_new.eps

The Government, on Thursday, gave an in-principle nod to a draft policy to significantly enhance the share of manufacturing in GDP and generate substantial employment in the country, while reducing the compliance burden on industry.

The policy aims to raise the share of manufacturing in GDP to 25 per cent by 2025 from 15-16 per cent at present. The objective of the policy is also to generate 100 million jobs in manufacturing by 2025.

The creation of National Manufacturing and Investment Zones as mega investment regions, equipped with world-class infrastructure, has been proposed as a major policy instrument.

The draft ‘National Manufacturing Policy' was approved at a high-level meeting chaired by the Prime Minister, Dr Manmohan Singh, and attended by the Ministers of Finance, Commerce and Industry, Environment and Corporate Affairs as well as the Deputy Chairman of the Planning Commission and the Chairman of PM's Economic Advisory Council.

The Prime Minister observed that the proposed measures would reduce the compliance burden on industry, an official statement said. It was also decided that the policy has to be formulated by adequately taking care of environment and labour concerns.

He directed that these issues may be further discussed at the ministerial level.

A Committee of Secretaries has been asked to go into the issues and submit its report in a month, the Commerce and Industry Minister, Mr Anand Sharma, said.

Then the policy would be placed before the Cabinet. The draft policy proposes institution of a review mechanism and a high-level committee chaired by Secretary DIPP to regularly monitor policy implementation.

The policy also lays emphasis on creating a Manufacturing Industry Promotion Board, to ensure coordination between Central and State Government. Besides, it encourages access by Indian companies to foreign know-how and develop indigenous technology through fiscal incentives and subsidies.

Published on June 09, 2011
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