Prime minister Manmohan Singh will take a final call on the draft national manufacturing policy on June 2. The existing policy is being overhauled to a give a leg up to the domestic manufacturing sector which has shown signs of stagnation.
The objective of the policy is to increase share of the manufacturing sector in the national GDP to 25% by 2022 from the current level of 16% and double employment generation.
Singh has been forced to intervene in this matter as concerned ministries like labour, enviornment and commerce are unable to agree on key provisions of the draft policy.
?The June 2 meeting is confirmed,? commerce and industry minister Anand Sharma told FE. Sharma was here to inaugurate the India Show being held by industry body CII on the occasion of the second India-Africa Forum Summit.
Sharma also clarified that his ministry has not moved any proposal for allowing foreign direct investment (FDI) into the defence sector.
?Defence is a strategic sector and there have brainstorming sessions. But no formal proposal has been moved,?the commerce minister said.
On the forthcoming OECD trade ministers meet, Sharma said that it will a good opportunity for economy ministers to meet and to review the state of global economy.
Earlier, while inaugurating the India Show, Sharma sounded bullish about growth prospect of India and Africa bilateral and trade and investment ties.
India-Africa trade bilateral has increased from $ 3 billion in 2000-01 to $46 billion in 2010-11. The two sides have now targeted to take their trade to $70 billion by 2015.
Investment of over $50 billion has also been committed by public and private sector Indian companies in Africa, of which about $40 billion has already materialized. India is confident of achieving the $70 billion trade target with Africa by 2015.