Manufacturing sector in India has grown at a rate of 9% for the last three years with 17% share in the GDP, Government recognises the need for increasing the growth rate of the manufacturing sector to 12-14% in order to enhance its share in the economic growth and expand employment opportunity in the country. Setting up of the Manufacturing Investment Regions (MIRs) in the country is one of the initiatives towards providing quality infrastructure and efficient and transparent regulatory systems in order to encourage manufacturing growth. The contours of the policy and legal framework in respect of the scope and establishment of such regions is under consultation with stakeholders including the State Governments.
This was stated by Dr. Ashwani Kumar, Minister of State for Industry, in a written reply in the Rajya Sabha today.
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SB/MRS
(Release ID :19121)