The Prime Minister Manmohan Singh has constituted a high powered group for suggesting various measures to ensure the continuing growth of the manufacturing sector, which of late is showing signs of deceleration.
The high powered group will be chaired by National Manufacturing Competitiveness Council (NMCC) Chairman V Krishnamurthy. The group will comprise of Finance Secretary, Revenue Secretary, Commerce Secretary, Textiles Secretary and Secretary of the Industrial Policy and Promotion as well as the Member Secretary of the NMCC. As per the terms of reference, the group will suggest policy measures and a continuing mechanism to ensure sustained growth of the Indian manufacturing industries for the next 10-15 years. It will suggest policy measures and immediate steps to reverse the recent deceleration in the growth of the manufacturing industries.
Leverage FDIs
Further, the group will suggest policy measures and immediate steps to boost exports of Indian manufactured goods in the face of appreciation of the rupee and high interest rates, particularly with respect to labour intensive sectors like textiles, leather and handicrafts.
The group has also been mandated to suggest measures to leverage Foreign Direct Investment (FDI) to modernise manufacturing in the country and create a strong technological base. The group has been asked to submit its report and final recommendations within three months.
