Namrata Kath Hazarika | 07 Nov, 2009
India is taking off in the field of manufacturing eventually, said Ajay Shankar, Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce & Industry at the India-EU summit organized by Confederation of India Industries (CII) in New Delhi on Friday.

After achieving success in the fields like IT and pharmaceuticals, Indian manufacturing industry is now set to grow, Shankar said.

Commenting on India-EU talks, the commerce ministry official said, "The two sides has met at a time when some optimism returned around the globe. The relationship between India and the European Union is to reach a height that will surprise all of us."

Shankar underlined the strengths of Indian industry and said that the performance in the last twelve months has been little better and things can improve in future.

"The global cooperation, global partnership, global engagement and the consensus across the world helped in moderating the pain that was expected, in the return of the sense of optimism a little earlier than expected."

In the process of liberalization, the government has now withdrawn the requirement of permissions and clearances for any technology transfers and royalty payments,  Shankar added.

He further said, the government has taken two important initiatives for making the business easier in India.  The first is that the government is trying to partner with leading IT companies to create an e-base environment system for getting the required government approvals and also making electronic payment possible.

The second initiative is to actively engage with the state governments to improve the business environment, the senior official added.

Talking about the India-EU economic relationship, he opined that both the sides required to take the talks at the higher level and work collaboratively.