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Government Initiatives for the Growth in Industrial Sector

Government Initiatives for the Growth in Industrial Sector

National Manufacturing Policy (NMP)

  • The NMP was approved by the government in October, 2011. The major objectives of the policy are enhancing the share of manufacturing in gross domestic product (GDP) to 25 per cent and creating an additional 100 million additional jobs over a decade or so.
  • The Policy also provides special focus to industries that are employment intensive, those producing capital goods, those having strategic significance, small and medium enterprises, and public sector enterprises besides industries where India enjoys a competitive advantage.
  • The NMP provides for promotion of clusters and aggregation, especially through the creation of national investment and manufacturing zones (NIMZs). Out of twelve NIMZs so far announced, eight are along the Delhi Mumbai Industrial Corridor.
  • Besides, four other NIMZs have been given in-principle approval (i) Nagpur in Maharashtra (ii) Tumkur in Karnataka (iii) Chittoor district in Andhra Pradesh and (iv) Medak district in Andhra Pradesh. Till 2013-14, 16 NIMZs had been announced. Of these, 8 are along the Delhi-Mumbai Industrial Corridor (DMIC).

Delhi Mumbai Industrial Corridor (DMIC)

  • The DMIC is being developed by the Government of India with a view to using the high-capacity western Dedicated Freight Corridor as a backbone for creating a global manufacturing and investment destination.
  • The project seeks to develop a series of futuristic infrastructure-endowed smart industrial cities that can compete with the best international manufacturing and industrial The master plan has a vision for 24 manufacturing cities.                            Government Initiatives for the Growth in Industrial Sector
  • The project presently covers eight industrial cities that are proposed to be developed along the railway corridor. Potential production sectors include general manufacturing, IT/ITES components, electronics, agro arid food processing, heavy engineering, pharmaceuticals, biotechnology, and services. Investment is pegged at $90 billion.
  • The DMIC was conceived by the Ministry of Economy, Trade, and Industry (METI) of Japan and the Ministry of Commerce and Industry (MoCI) of India. The central government will create a corpus fund, the DMIC Project Implementation Revolving Fund, as a trust administered by a board of trustees. The fund will contribute debt and equity to the special purpose vehicles (SPVs) ‘ on a case-by-case basis.
  • The state government will make land available. The city SPVs will be vested with the responsibilities of planning and development and the power to levy user fees. The SPVs are to be companies under the Companies Act.
  • The valuation increases from urbanization and development will accrue to the city-level SPVs, and will be reinvested in the cities. The initial construction of the cities will be done through project managers with global experience, who will control, monitor, review, and supervise the detailed

e-Biz Project

  • The government has announced the setting tip of -Invest India’-, a joint-venture company between the Department of Industrial Policy and Promotion and FICCI, as a not-for-profit, single window facilitator, for prospective overseas investors and to act as a structured mechanism to attract investment.
  • In the Government has initiated implementation of the e-Biz Project, a mission mode project under the Notional a-Governance Plan (NeGP) for promoting an online single window at the national level for business users.                                                  Government Initiatives for the Growth in Industrial Sector
  • The objectives of setting up of the e-Biz portal are to provide a number of services to business users, covering the entire life cycle of their operation. The project aims at enhancing India’s business competitiveness through a service oriented, event-driven G2B interaction.


Indian Economy

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