Basel (Switzerland): A high level committee chaired by Prime Minister Manmohan Singh is soon expected to discuss the proposed manufacturing policy aimed at increasing the sector’s share in India’s GDP to 25% in the next decade.
“We have completed stakeholders consultations and all the inter-ministerial consultations and we hope that in a week after my return, a high level meeting (will be held), which will be chaired by the Prime Minister,” commerce and industry minister Anand Sharma told reporters here.
Sharma is here to inaugurate the Indian pavilion at the world’s most coveted watch and jewellery show ‘Basel World 2011’.
Finance minister Pranab Mukherjee had also made a mention of the manufacturing policy during his budget speech.
“The government will come out with a manufacturing policy which will bring down the compliance burden on the industry through self-regulation and help make Indian industry globally competitive....we are ready now...,” Mukherjee had said.
The government aims to take the share of manufacturing sector, which contributes over 80% to the country’s overall industrial production, in GDP from about 16% to 25% over a period of 10 years.
Under the upcoming policy, the government has proposed to set up integrated green-field mega-investment zones to attract global investment and latest technologies.
The minister said increasing manufacturing share in the Indian economy is a priority as millions of skilled workforce is expected to join the segment in the near future.
The new policy would also help in attracting greater FDI into the country, he said adding the new policy would also address labour and environment issues.
On his meeting with leading global watch makers, Sharma said he asked them to explore the opportunities to invest more in India in the sector and also look for possible collaborations and setting up subsidiaries “which some of them are considering”.
On Thursday, Sharma has met diamond traders and representatives from Swiss watch brands, including Rolex, Raymond Weil, Tissot and Tag Heur.