Mumbai: The Government of India has green-lighted a draft policy, which will considerably increase the share of manufacturing in the country’s GDP, from the present15-16 per cent to 25 per cent by 2025, and also generate 100 million jobs in the sector. The policy has proposed establishing National Manufacturing and Investment Zones that will be projected as mega investment regions, equipped with world-class infrastructure.
An official statement released by the Government reveals that Prime Minister Manmohan Singh has observed that the proposed measures will reduce the compliance burden on industry. The manufacturing policy emphasises on setting up a Manufacturing Industry Promotion Board, in order to ensure coordination between Central and State Government. It also encourages Indian companies to develop indigenous technology through fiscal incentives and subsidies. “As we experience an upturn in global economy, it is the need of the hour to leapfrog the indigenous contribution, in particular, of the Indian metalworking sector. This will add to the success of Indian frugal engineering on the basis of global benchmarks in innovation, scale-up, technology, human resources and services, among others. In this context, the public-private-partnership model holds immense significance,” says Manas R Bastia, Editor, Modern Machine Tools (MMT) magazine.
MMT is India’s leading business information source for the metalworking & allied industries. It is published by Network 18 Ltd in association with Indian Machine Tool Manufacturers’ Association (IMTMA). The monthly brings forth the latest market trends & emerging technologies, highly useful features on machine tool and cutting tool applications, business strategies, success stories, views & visions of industry leaders, etc. The Indian machine tool industry has been playing a vital role in improving competitiveness and facilitating development of the manufacturing sector. It has also been instrumental in improving quality and aiding the output of the Indian manufacturing, in particular, and of the Indian economy, in general. The machine tool industry has also played a strategic role in the development and growth of key sectors like automotive, capital goods, defence, railways, aerospace, etc.