New Delhi: India's manufacturing sector growth as measured by the Index of Industrial Production (IIP) with the base year 2011-12 has been consistently increasing over the past three years, the Lok Sabha was informed on Thursday.
During 2015-16, growth rate in manufacturing sector as per IIP was 2.8 per cent, 4.4 per cent in 2016-17, 4.6 per cent in 2017-18, while 5.6 per cent (provisional) during April-October in the current fiscal, as per the information given by Minister of State for Commerce an Industry CR Chaudhary in a written reply in the Lok Sabha.
"Overall performance of the manufacturing sector is an interplay of several factors like domestic demand, demand for exports, level of investment and prevailing prices. Several steps to boost domestic manufacturing are being taken as part of schemes such as Start-up India, Ease of Doing Business, Modified Industrial Infrastructure Upgradation Scheme, Business Reform Action Plan and Intellectual Property Rights (IPR) Policy," said Chaudhary.
"Further, Foreign Direct Investment (FDI) policy and procedures have been simplified and liberalised progressively. The Government has notified North East Industrial Development scheme (NEIDS) to continue benefits for the industrial units in North Eastern Region and Industrial Development Schemes for J&K, Himachal Pradesh, and Uttarakhand," he further said.
"The scheme for budgetary support to the eligible units located in the States of J&K, Himachal Pradesh, North-Eastern States including Sikkim under GST regime has also been notified," the minister further added.
The minister said that 'Make in India' initiative was launched in 2014, which "aims at promoting India as an important investment destination and a global hub in manufacturing, design, and innovation. This initiative also aims to create a conducive environment for investment, development of modern and efficient infrastructure, opening up new sectors for foreign investment and forging a partnership between the government and industry through a positive mindset."