Special committee on manufacturing to fast track implementation

DELHI: High powered committee on manufacturing policy will fast track the scrutiny of applications and expedite the progress of implementation, Minister of State of Commerce and Industry, Jyotiraditya Scindia said on Friday.

Speaking at a seminar organized by the PHD Chamber of Commerce and Industry ( PHDCCI) on Friday, Scindia stressed on the need to create appropriate skill set among the rural youth to ensure inclusiveness which will go a long way in India’s growth story.

“The policy promotes investments in the manufacturing sector and will help in making the country a hub for both domestic and international markets,” he said, adding that fears of stringent employment conditions are unfounded, as the policy integrates a job loss provision to ease the burden of payment to labor at the time of the closure of unit.

The President of the chamber Sandip Somany also reiterated the need for making domestic manufacturers competitive especially at a time of increasing imports from China and Taiwan.

“The new National Manufacturing Policy is a welcome step and its implementation is the need of the hour. However, it requires the need of involving government, industry and all stakeholder organizations together to discuss the persistent failure of India’s manufacturing sector,” said Somany.

“Investment allowances and financial packages for the manufacturing sector is a must,” he added.

Member Secretary National Manufacturing Competitive Council (NMCC), Ajay Shankar also pitched for accessibility of affordable land and adequate capital to tehs ector to make this goal a reality.

The Manufacturing Policy aims to create 100 million jobs and increase the share of manufacturing in India’s GDP to 25% by 2022, from the present 16%.