India to become manufacturing hub: Anand Sharma

By Dilasha Seth

AGRA: Commerce Minister Anand Sharma on Sunday said that the National Manufacturing Policy has taken off with the single-window clearance mechanism in place and the land issue has been addressed.

"We have effectively put in place a single-window clearance mechanism," he said at an inaugural session of the three-day CII Partnership Summit in Agra, adding that this will make India one of the manufacturing hubs in the 21st century.

The National Manufacturing Policy announced in 2011 will create national investment and manufacturing zones involving greenfield projects. "We have approved 12 zones, out of which one will be in Uttar Pradesh so that we create 100-million jobs by the next decade", he said.

The aim is to take the share of manufacturing from 16% in the GDP to 26% in the next decade, he added.

Manufacturing in India grew just 0.5% in the first half of this financial year, against 5.1% in the corresponding period of 2011-12, pulling down GDP growth to 5.4%.

High growth is not an option but imperative, said Sharma, adding that India needs more decades of high growth as the country is looking a 6.5% growth in 2013-14.

On the external front, Sharma said that the government has stepped up and engaged more with the world. India's trade and investment agreement with EU is on the verge of completion, he added. It is learnt that the two sides, which have been in talks since 2007, have settled issues such as tariff concessions on industrial and farm goods, intellectual property and professional visas.