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National Manufacturing Policy

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Description

The 1991 New Economic Policy set the Indian economy into a journey of market oriented exponential growth in which the private sector assumed a vital role.  However, in the two following decades, a dedicated policy for the needs of industries remained missing. Considering that the manufacturing sector constituted merely 14 to 16 per cent of India’s Gross Domestic Product (GDP) since liberalisation in 1991, a new policy was urgently needed (Department of Economic Affairs, 2012). The urgent need to boost the manufacturing sector assumed a great significance in the backdrop of economies such as China where in 2010 the sector contributed more than 30 per cent to its total GDP (World Bank, 2018). Finally, in 2011, realising the potential of the manufacturing sector in terms of growth, trade as well as job creation, the Department of Industrial Policy and Promotion under the Ministry of Commerce and Industry introduced the National Manufacturing Policy (NMP 2011). The policy was formulated with six salient objectives:

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