Centre to announce national manufacturing policy by June

The government today said it would come out with a national manufacturing policy by the end of June this year to attract overseas investment and promote industrial activity in the country.

“India will come out with a national manufacturing policy within this year, hopefully before June,” Commerce and Industry Minister Anand Sharma said at the Economic Times Award function here.

He added, encouraging the manufacturing sector was necessary to increase its share in the gross domestic product and attract investment from overseas and within the country.

The Centre, along with states, would also take other initiatives to promote the manufacturing sector, Sharma said, adding that it was necessary to ensure the development of undeveloped regions of the country and further the objective of inclusive growth.

Recently, National Manufacturing Competitiveness Council Chairman V Krishnamurthy had called for early formulation of a manufacturing policy to encourage industry and value addition.