Incentives to Industries to Boost Economic Growth

The Ministry has taken a series of steps to revive the industrial growth including announcement of National Manufacturing Policy (NMP) in 2011, simplification and rationalization of the Foreign Direct Investment (FDI) Policy, implementation of Delhi Mumbai Industrial Corridor (DMIC) project, conceptualization of four more Industrial Corridors viz Chennai-Bengaluru Industrial Corridor, Bengaluru-Mumbai Economic Corridor, Amritsar Kolkata Industrial Corridor and East Coast Economic Corridor, launching of the e-biz Mission Mode Project under the National e-Governance Plan, taking proactive steps for ease of doing business by taking stock of best practices across states and endorsing them, identifying and simplifying the approval procedures etc. Besides, incentives are given for helping industries in difficult areas through plan schemes of Transport Subsidy/Freight Subsidy Scheme, special package of incentives for Special Category States, North-East Industrial & Investment Promotion Policy, 2007, and specific programmes like Modified Industrial Infrastructure Upgradation Scheme, Indian Leather Development Programmes etc.

The Government is aware of various analysis/surveys and reports prepared by domestic and international organisations on the impact of the recent global economic slowdown which provide inputs for policy interventions. Illustrative list of such analysis/surveys/reports are by the Reserve Bank of India, Industry Associations like the Federation of Indian Chambers of Commerce & Industry (FICCI), International Monetary Fund (IMF), United Nations Conference on Trade and Development(UNCTAD) and the World Bank.

The information was given by the Minister of State (Independent Charge) of the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in Rajya Sabha today.