National Manufacturing Policy notified
The government on Friday notified the manufacturing policy which is aimed at raising share of the sector in GDP to 25 percent and creating 100 million jobs by 2020.
New Delhi: The government on Friday notified the manufacturing policy which is aimed at raising share of the sector in GDP to 25 percent and creating 100 million jobs by 2020.
At present, the manufacturing sector contributes 15-16 percent in the country's Gross Domestic Product (GDP).
The National Manufacturing Policy (NMP) envisages sustainable development and technological value-addition in the sector, which has a multiplier effect on economic activities.
"Inadequate physical infrastructure, complex regulatory environment and inadequate availability of skilled manpower have constrained the growth of manufacturing in India," the notification of the Department of Industrial Policy and Promotion (DIPP).
The NMP, which was cleared by the Union Cabinet on October 25, would also encourage infrastructure development on a public-private-partnership (PPP) basis.
The policy, awaited for about two years, talks about specific interventions in industrial infrastructure development and improvement of business environment through rationalisation and simplification of business regulations.
"The government would create the enabling policy framework, provide incentives for infrastructure development on a PPP basis through appropriate financing instruments...," the policy document said.
Under the policy, large integrated industrial townships -- National Investment and Manufacturing Zones (NIMZs) – are proposed.
"While the NIMZs are important instrumentality, the proposals contained in the Policy apply to manufacturing industry throughout the country including wherever industry is able to organise itself into clusters and adopt a model of self-regulation as enunciated," it added.