Government attempts to boost manufacturing through MIPB

The government of India has set up Manufacturing Industry Promotion Board (MIPB) to oversee the implementation of the National Manufacturing Policy (NMP), in the backdrop of economic growth sliding to a 9-year low of 6.5% in 2011-12. Anand Sharma, Commerce and Industry Minister will chair MIPB and it will have three panels - Board of Approval, Green Manufacturing Committee and High Level Committee for the proper implementation of the NMP.

The 13-member MIPB will periodically review the overall situation of the manufacturing sector, which contracted to 0.3% during Q4 2011-12 compared to Q4 2010-11. The NMP aims to increase the manufacturing sector's share in GDP to 25% from the present 16% over the next decade, creating 100 million jobs.

The policy also intends to create world class industrial infrastructure, a favorable business environment, an ecosystem for technological innovation - particularly in the domain of green manufacturing, institutions for industry relevant skill upgradation, and mechanisms for easy access to finance for entrepreneurs.