Share of manufacturing sector in GDP was 17.2 in 2014-15
Share of manufacturing sector in GDP was 17.2 in 2014-15New Delhi, Aug 13 (KNN) The share of manufacturing Gross Value Added (GVA) in total GVA per cent at current prices in the year 2014-15 was 17.2, while in the year 2013-14 it was 17.3.
Central Statistics Office (CSO) has adopted methodological changes and started providing share of sectors in GVA at basic prices instead of shares in Gross Domestic Products (GDP) from 2011-12 onwards.
Share of manufacturing GVA for 2010-11 is at factor cost, while from 2011-12 to 2014-15 it is at basic prices. The share of manufacturing GVA in 2010-11 is not strictly comparable with the share during 2011-12 to 2014-15.
The Government has taken measures including administrative and regulatory, to accelerate the growth of industrial sector, Minister of State (Independent Charge) in the Ministry of Commerce & Industry Nirmala Sitharaman said in a written reply in Rajya Sabha on Wednesday.
Global economic scenario as well as the steps taken by the Government impact performance in the manufacturing sector in the short, medium and long term.
For creation of conducive business environment, the Government is constantly simplifying and rationalizing the processes and the procedures for boosting investor sentiment, simplifying the Foreign Direct Investment (FDI) policy and correcting the inverted duty structure.
Some of the recent initiatives towards this end include pruning the list of industries that can be considered as defence industries requiring industrial license, two extensions of two years each permitted in the initial validity of three years of the industrial license to take it up to seven years, removal of stipulation of annual capacity in the industrial license, and deregulating the annual capacity for defence items for Industrial License, the Minister said.
The recent amendments in FDI policy include allowing FDI in Defence up to 49 per cent, in Railway infrastructure up to 100 per cent, in Insurance and Pension Sector upto 49 per cent. The investment limit requiring prior permission from Foreign Investment Promotion Board (FIPB)/Cabinet Committee of Economic Affairs has been increased from Rs 1200 crore to Rs 3000 crore.
The definition of investment by Non Resident Indians (NRIs), Person of Indian Origin (PIOs) and Overseas Citizen of India (OCIs) in FDI policy has been revised.
Further, except for Defence and private sector banking for which specific conditions apply, composite caps on foreign investment have been recently allowed so that uniformity and simplicity are brought in across the sectors in FDI policy for attracting foreign investment.
The Government has launched the e-biz Mission Mode Project under the National e-Governance Plan which has simplified procedures and as on date provides 14 services online. The Delhi Mumbai Industrial Corridor (DMIC) project is under implementation. In addition, the Government has conceptualized Amritsar Kolkata Industrial Corridor, Chennai-Bengaluru Industrial Corridor, Bengaluru Mumbai Economic Corridor and the Vizag-Chennai Industrial Corridor (as the first phase of an East Coast Economic Corridor), and setting up a National Industrial Corridor Development Authority (NICDA) for coordinating and overseeing progress of the various industrial corridors.
The Government has also launched “Make in India” programme with 25 thrust sectors to provide a major push to manufacturing in India. An Investor Facilitation Cell has been created in ‘Invest India’ to assist, guide, handhold and facilitate investors during the various phases of business life cycle. (KNN Bureau)