New Delhi: The Cabinet will soon take up for consideration a National Manufacturing Policy that aims at raising contribution of manufacturing in the country’s Gross Domestic Product (GDP) from 16% now to 26% by 2025 and creating 100 million jobs in next ten years.
Commerce and Industry minister Anand Sharma told the Rajya Sabha during Question Hour that a high-level panel chaired by Prime Minister Manmohan Singh has already given its nod to the policy, which envisages creation of mega industrial zones with world-class infrastructure facilities. He said the policy will aim creating 100 million jobs in ten years and 200 million by 2025.
Manufacturing sector contributes over 80% to the country’s overall industrial production.
“The availability of adequate infrastructure is a necessary pre-requisite for industrial growth,” Sharma said, adding the current share of manufacturing in GDP was very low in comparison to other countries.
The manufacturing policy proposes easing of labour and environment laws and seeks tax sops for National Manufacturing Investment Zones (NMIZs). These planned big enclaves could even subsume special economic zones.
“We are concerned about the lack of adequate growth of industry particularly manufacturing sector,” he said, adding inadequate infrastructure was hampering growth. Sharma also said the government plans to replicate Delhi-Mumbai industrial corridor in southern India as well.