National Manufacturing Policy: A Fresh Look

Abstract

The Manufacturing sector is widely recognized as a powerful instrument for socio-economic growth and balanced industrial development. The growth rate recorded by the manufacturing sector has normally been higher than that of the industrial sector as a whole. The manufacturing sector has emerged over five decades as a highly vibrant and dynamic sector of the Indian economy. World over, the contribution of the manufacturing sector to economic growth, diversification, employment generation potential, reduction of regional inequalities and higher export earnings are well recognized. The National Manufacturing Policy, which is the first such dedicated policy measure for the manufacturing sector in the country, is expected to change the manufacturing landscape of the Indian economy through increased capital formation; industrial infrastructure of global standards; technology upgradation; creation of innovation and vocational skill development infrastructure; and industry, worker, and environment-friendly regulations.