New Delhi: The government on Tuesday cleared the long-awaited National Manufacturing Policy (NMP) which seeks to set up mega industrial zones and create 100 million jobs by 2022.
“The NMP seeks to enhance the share of manufacturing in the GDP to 25% within a decade and create 100 million jobs in manufacturing as part of the inclusive growth agenda of the UPA,” commerce and industry minister Anand Sharma said after the Cabinet approved the policy.
To encourage the manufacturing sector, the government will provide fiscal incentives to the industry, particularly to the small and medium enterprises (SMEs).
Commerce and industry minister Anand Sharma. (File photo)
The Cabinet had earlier taken up the NMP in its meeting on 15 September. The matter was, however, deferred following differences between ministries over the labour and environment issues.
It was later referred a group of ministers headed by agriculture minister Sharad Pawar.
The NMP, Sharma said, “will ensure compliance of labour and environmental laws while introducing procedural simplifications and rationalization so that the regulatory burden on the industry is reduced”.
He said the interventions proposed are generally sector neutral, location neutral and technology neutral, except the attempt to incentivise green technology for sustainable development.