New Delhi: The government has set up a high-level board under commerce and industry minister Anand Sharma to boost manufacturing sectors after India's GDP growth plummeted to a nine-year low of 5.3% in the last quarter of 2011-12, largely because of a 0.3% contraction in manufacturing.
The annual growth for the 2011-12 was also a nine-year low of 6.5%. The 13-member Manufacturing Industry promotion Board ( MIPB) would periodically review the manufacturing sector, which contributes nearly 15% of the GDP, well below near 40% share in China.
The board would include secretaries of key government departments and ministries, such as economic affairs, revenue, labour, MSME, road transport and environment and also some industry representatives.
"High-level inter-ministerial nature of the board will enable it to resolve co-ordination issues among central ministries on the one hand and state governments and central ministries on the other," a commerce and industry ministry release said on Sunday. The government has formed three more panels - High Level Committee (HLC), Green Manufacturing Committee (GMC) and Board of Approval (BoA) - to implement the National Manufacturing Policy.
The policy aims to increase the share of the manufacturing sector in the GDP to 25%, from the current about 15%, in the next decade. It envisages mega National Investment and Manufacturing Zones and Delhi-Mumbai Industrial Corridor (DMIC).
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