High-powered Group to ensure growth of manufacturing sector

New Delhi, Jan 8 (UNI) Prime Minister Manmohan Singh has constituted a high-powered group under National Manufacturing Competitiveness Council (NMCC) Chairman V Krishnamurthy for suggesting various measures to ensure the continuing growth of the manufacturing sector in the country, which of late is showing signs of deceleration.

According to an official release issued here today, the Secretaries in the Ministries of Finance, Revenue, Commerce, Textiles and Industrial Policy and Promotion as well as the Member Secretary of the NMCC are the other members of the Committee.

The Group would suggest policy measures and a continuing mechanism to ensure sustained growth of the Indian manufacturing industries for the next 10 to 15 years. It would be suggesting policy measures and immediate steps to reverse the recent deceleration in the growth of the manufacturing industries.

The Group is required to submit its report and final recommendations within three months. It would be making interim recommendations, which require early action. The Chairman has called the first meeting of the Group on January 11.

The Group will look into various issues and suggest policy measures and recommendations focusing on steps to boost the export of Indian manufacturing goods in the present scenario of appreciating rupee and high domestic interest rate affecting adversely the exports of some of our most labour intensive manufacturing sectors like textiles, leather, and handicrafts, among others.

The Group will also analyse and recommend various policy measures to leverage Foreign Direct Investment to modernise manufacturing in India to help create a strong technological base that will provide the required momentum to sustain the growth of the Indian manufacturing industries over the next 10 to 15 years, the release added.

UNI BKS BDP KN1757