In 2011, the government announced a National Manufacturing Policy to bring about a quantitative and qualitative change with the following six objectives:
- Increase manufacturing sector growth to 12-14% over the medium-term to make it the engine of growth for the economy. The 2 to 4% differential over the medium-term growth rate of the overall economy will enable manufacturing to contribute atleast 25% of the National GDP by 2022.
- Increase the rate of job creation in manufacturing to create 100 million additional jobs by 2022.
- Creation of appropriate skill sets among the rural migrant and urban poor to make growth inclusive.
- Increase domestic value addition and technological ‘depth’ in manufacturing.
- Enhance global competitiveness of Indian manufacturing through appropriate policy support.
- Ensure sustainability of growth, particularly with regards to the environment including energy efficiency, optimal utilisation of natural resources and restoration of damaged/ degraded ecosystems.
Specific policy instruments have been conceptualised to achieve the objectives stated above. These instruments broadly cover the following areas:
- Rationalisation and simplification of business regulations
- Simple and expeditious exit mechanism for closure of sick units while protecting labour interests
- Financial and institutional mechanisms for technology development, including green technologies
- Industrial training and skill upgradation measures
- Incentives for Small and Medium Enterprises (SMEs)
- Special Focus Sectors
- Leveraging infrastructure deficit and government procurement—including defence
- Clustering and aggregation : National Investment and Manufacturing Zones (NIMZs)
- Trade Policy
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