Govt to announce manufacturing policy soon

The government said on Thursday it would soon unveil a national manufacturing policy which will help in attracting overseas investments besides increasing the share of the sector in the Indian economy.

India aims at increasing the share of manufacturing sector, which contributes over 80 per cent in the country's overall industrial production, from 16-17 per cent to 25-26 per cent of the gross domestic product by 2020.

"We are currently seriously engaged in giving the final touches to India's first manufacturing policy," Commerce and Industry Minister Anand Sharma said in New Delhi.

Under the upcoming policy, the government has proposed to set up integrated green-field mega-investment zones to attract global investment and latest technologies.

Speaking at the Eco-Products International Fair 2011 and International Engineering Trade Fair, Sharma invited Japanese businessmen to invest and partner in these proposed zones. Japan is the partner country in the fair.

Confederation of Indian Industry is a co-organiser of the fair.

The minister said increasing manufacturing share in the Indian economy is a priority as millions of skilled workforce is expected to join the segment in the near future.

The new policy would also help in attracting more and more foreign direct investment into the country, he added.