By IANS,
New Delhi: A national policy aimed at making India a manufacturing hub, thus creating more jobs and boosting economic growth, will roll out by the end of next month, Commerce and Industry Minister Anand Sharma said Thursday.
“We are in dialogue with the Planning Commission and it is my expectation that by the end of January 2011, we should be able to roll out the National Manufacturing Policy,” Sharma said at a press conference here.
He said the new policy seeks to attract high-technology from advanced economies.
“Our aim is to make India one the manufacturing hubs. It will create jobs and boost economic growth,” he said.
Sharma said the commerce ministry had recently sent out a note for inter-ministerial consultation for formulating the policy.
On liberalisation of foreign direct investment (FDI) policy, especially allowing FDI in multi-brand retail, he said: “Policy formulation is a dynamic process. We are very progressive and forward looking.”
“We have initiated several measures for simplification and rationalisation of FDI regime and have initiated stakeholder consultations for further liberalising the FDI regime in certain sectors,” he said.
However, commerce minister said FDI inflow in India would remain sluggish this fiscal because of the global economic crisis.
Foreign direct equity inflows in the first seven months of fiscal 2010-11 declined to $12.39 billion from $17.604 billion during the corresponding period last year.
The minister said India’s foreign trade growth had been robust.
Exports grew 26.74 percent to $140.28 billion during the first eight months of this fiscal, while imports increased 23.96 percent to $221.96 billion.