The UPA government has unveiled a National Manufacturing Policy (NMP). The policy seeks to create 100 million industrial jobs by 2025.
The NMP has set a target of increasing manufacturing sector growth to 12-14 per cent over the medium term. The policy wants the sector to contribute at least 25 per cent to the GDP by 2025.
It will address issues of rationalisation and simplification of business regulations, simple and expeditious exit mechanism for closure of sick units and financial and institutional mechanisms for technology development.
Green technologies, industrial training and skill upgrade are also on the agenda. The government will take measures to make industrial land available through creation of land banks by States and utilization of lands locked under non-productive uses, including defunct or sick industries.
A comprehensive exit policy has been conceptualised which will promote productivity, while providing flexibility by removing rigidity in the labour market.
Home-grown technology will find favour and policies will be put in place for development of advanced indigenous , including tax concessions and government subsidies and preferential purchases by government agencies.
While India will continue with bilateral and regional free trade agreements, it will be ensured that such agreements do not have a detrimental effect on domestic manufacturing. The government will also consider use of public procurement in specified sectors, with stipulation of local value addition, in areas of critical technologies like solar energy equipment, electronic hardware, fuel efficient transport equipment and IT-based security systems.
The NMP has set a target of increasing manufacturing sector growth to 12-14 per cent over the medium term. The policy wants the sector to contribute at least 25 per cent to the GDP by 2025.
It will address issues of rationalisation and simplification of business regulations, simple and expeditious exit mechanism for closure of sick units and financial and institutional mechanisms for technology development.
Green technologies, industrial training and skill upgrade are also on the agenda. The government will take measures to make industrial land available through creation of land banks by States and utilization of lands locked under non-productive uses, including defunct or sick industries.
A comprehensive exit policy has been conceptualised which will promote productivity, while providing flexibility by removing rigidity in the labour market.
Home-grown technology will find favour and policies will be put in place for development of advanced indigenous , including tax concessions and government subsidies and preferential purchases by government agencies.
While India will continue with bilateral and regional free trade agreements, it will be ensured that such agreements do not have a detrimental effect on domestic manufacturing. The government will also consider use of public procurement in specified sectors, with stipulation of local value addition, in areas of critical technologies like solar energy equipment, electronic hardware, fuel efficient transport equipment and IT-based security systems.
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