Five more mega mfg. zones to be notified by Aug: Sharma

Anand Sharma, Minister of Commerce, Industry & Textiles at the Interactive Session on Foreign Trade Policy at New Delhi on June 8.

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SME Times News Bureau | 09 Jun, 2012
The Union Minister of Commerce, Industry and Textiles, Anand Sharma Friday said the Government will notify five more mega manufacturing zones by August.

Speaking during the Interactive Session on Foreign Trade Policy (FTP) with CII members in New Delhi on Friday, Sharma said, "Seven NMIZs ( National Manufacturing Investment Zones) already have been notified, that includes two in Maharashtra and five more in pipeline. I think by August we will notify those."

The government has been taking several steps to increase the share of the manufacturing sector in the GDP to at least 25 percent by 2020 from the present 16 percent. In this regard, a new National Manufacturing Policy (NMP) was announced recently, which provides for NMIZs, reports media.

Sharma earlier said that the National Manufacturing Policy is now in a functional stage and that his ministry envisages of making India a hub of manufacturing in the future.

While speaking on the serious issues of global slowdown, Sharma said that the global challenges impacting our economy have been the key consideration while drawing up the FTP.

He mentioned that the situation today is very much different from the crisis of 2008-09 wherein unlike today the resources were not a constraint and a stimulus package of USD one trillion helped in the rebound of the world economy. India also spent Rs. 1.85 lakh crore to perk up its economy with positive results.

According to Sharma, India cannot wait for a pick up in the world economy to attain pre-crisis level of growth. Hence the strategy of market diversification through the focus market and focus product scheme has been adopted which has worked to our advantage.

At present, 66 percent of our exports are with Asia, Latin American Countries and Africa. This year the FTP has added 14 markets to this scheme.

Sharma further mentioned that at a time when the world has turned protectionist, India has been negotiating free trade agreements and Comprehensive Economic Policy Agreements at multi-lateral and bilateral levels with countries around the world which have yielded positive spin-off benefits. Our exports have crossed USD 305 billion last fiscal despite adverse circumstances and the target is to raise it to USD 500 billion by 2012 and to double the percent share of goods and services in GDP by 2020 for which a strategy which is futuristic with clear aims and directions is required. The industry has to rise to the occasion and work in close partnership with the government to make this possible.

However, the government recognizes the challenges faced by our economy. The depreciating rupee, widening trade and current account deficit, escalating oil prices are matters of concern. The supplement to FTP addresses these concerns. The scrips for domestic procurement, reduction in transactions costs, e-enabled services are steps in this direction.

The government understands the ground realities and hence has framed the policy to unleash the potential of untapped areas. It is in this direction that the policy thrust on the North East, emphasized Sharma.