FICCI welcomes discussion paper on manufacturing policy

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SME Times News Bureau | 02 Apr, 2010
The Federation of Indian Chambers of Commerce and Industry (FICCI) on Thursday welcomed the discussion paper that was recently brought out by DIPP (Department of Industrial Policy and Promotion) on National Manufacturing Policy.

"The proposed manufacturing policy as brought out in the discussion paper is a welcome step and would help us in increasing the share of manufacturing in our GDP to 25 percent in the next decade which has stagnated at 15 percent," said FICCI Secretary General Amit Mitra.

According to the FICCI chief, the paper is a major milestone which would enable the country to refocus on the manufacturing sector.

"The National Manufacturing & Investment Zones as proposed in the discussion paper if implemented, would minimize the burden of regulatory compliances and inspection on Indian manufacturing sector and at the same time protect the interests of labour by ensuring that appropriate compensation is given to them through an insurance instrument and dues settled at the time of closure of unit located in this zone", said Mitra.

Currently, on an average a manufacturing unit in India has to comply with 70 odd legislations with each clearance requiring at least one license or registration certificate. These compliances involve multiple inspections, in some cases monthly and in some yearly inspections.

Also, making the process more cumbersome, manufacturers are required to fill the returns on monthly, quarterly or yearly basis under the legislations, amounting to more than 100 returns to be filed in a year.

It is important that the growth of the manufacturing sector should be made central to the growth process of the economy. The proposed manufacturing policy as brought out in the discussion paper is a welcome step, Mitra viewed.