Reflecting an urgency to reverse the contraction in industrial output, the government has set up a high-level board under Commerce and Industry Minister, Mr Anand Sharma, to boost the manufacturing sector.
The decision to set up the board comes within days of the Prime Minister, Dr Manmohan Singh, constituting the Investment Tracking System to give a push to mega projects of over Rs 1,000 crore in the backdrop of economic growth sliding to a nine-year low of 6.5 per cent in 2011-12.
The 13-member Manufacturing Industry Promotion Board (MIPB) will periodically review the overall situation of the manufacturing sector, which contracted to 0.3 per cent during the quarter ending March 31, from 7.3 per cent in the corresponding period of 2010-11.
“The Board will review State-wise and sector-wise performance of the manufacturing sector. It will also coordinate among Central ministries and State governments,” said an official in the Department of Industrial Policy and Promotion (DIPP).
Secretaries of Departments such as Economic Affairs, Revenue, Labour, MSME, Road Transport and Environment will be ex-officio members of MIPB. Besides, it also comprises industry representatives.
The government has formed three more panels — High Level Committee (HLC), Green Manufacturing Committee (GMC) and Board of Approval (BoA) — for the proper implementation of the National Manufacturing Policy (NMP). The policy seeks to raise the manufacturing sector's share in GDP to 25 per cent from the present 15-16 per cent over the next decade.