NEW DELHI, APR 8 : India aims to raise the share of manufacturing in its GDP to over 25 percent in 10 years from the current 16 percent and will soon announce a national policy for the sector, Commerce and Industry Minister Anand Sharma said Friday. “Manufacturing in India can’t stay where it is. We have to take its share in the GDP (gross domestic product) to at least 26 percent in the next 10 years,” Sharma said at annual meeting of the Confederation of Indian Industry (CII) here.
He said the government has already prepared a draft policy and after consultations with various stakeholders would come out with a national policy soon.
“We have come out with a draft policy and asked our officials to start working in consultation with industries and other stakeholders,” the minister said, adding that the views of all stakeholders would be accommodated in the final policy. Sharma said Prime Minister Manmohan Singh would soon convene a meeting to finalise the policy. “The prime minister will be chairing a meeting, after that we will give to India its first national policy on manufacturing. I hope we will be able to do it soon,” the minister said. “In percentage term, the share of manufacturing in our GDP remains the same as it was in 1991. It has to change to ensure gainful employment to the millions of people who will he joining the workforce,” he said.
The minister said the new manufacturing policy would be designed in a way to attract greenfield investment into cutting edge technology, and include comprehensive measures that address industry concerns.