Govt.committee to decide on raising GDP percentage manufacturing share

NEW DELHI - Union Minister of Commerce and Industry Anand Sharma has stated that while Indian industry had made great strides in achieving global competitiveness and becoming one of the most attractive investment destinations for global investors, there was need for further accelerating its growth and enhancing productivity.

Delivering a keynote address at the first Conference of State Industry Ministers here, Sharma emphasized the role of states in taking industrial development to the next level and announced that a High Level Committee of State Ministers is being constituted to make policy recommendations to increase the share of manufacturing in national GDP to 25 percent.

Sharma informed the participants that the State Industry Ministers’ Conference would now be held annually and he would hold a special session with the North-East States to address the issues and challenges of industrial development in that region.

He also stated that his ministry will try to achieve an annual FDI inflow of 50 billion dollars by 2012 and 100 billion dollars by 2017.

Sharma further announced the setting up industrial parks for labour intensive manufacturing sectors such as gems and jewellery, toys, sports goods, glass and glass products, ceramics, bicycles and invalid carriages, and electronic hardware.

Minister of State for Commerce and Industry Jyotiraditya Scindia highlighted the strengths of Indian industry and stressed the need to encourage industrial growth by creating an investor friendly policy regime.

He exhorted the state government to work closely with Government of India to achieve the goal of accelerated industrial growth.

Ajay Shankar, Secretary, Department of Industrial Policy and Promotion, expressed the belief that the targets announced by Sharma would be achieved by working closely with the state governments. (ANI)