Centre’s measures and policies lead to a jump in Index of Industrial Production

The Dollar Business Bureau “The Index of Industrial Production has witnessed a positive growth of 2.1% during April-December, 2014-2015”, said Nirmala Sitharaman, Minister of State (Independent Charge) in the Ministry of Commerce & Industry. Stating that several policy amendments, procedural simplifications and promotional measures have arrested the decline of IIP which stood at (-) 0.1% in 2013-14, the Minister said that addressing of issues like ‘inverted duty structure’ and amendments to Foreign Direct Investment (FDI) policy allowing up to 49% in Defence and 100% in Railway infrastructure have propelled the industrial growth. “In addition, the government through effective use of information technology (IT) has facilitated ‘Ease of Doing Business’ and made governance more efficient,” she said, and added “Make in India initiative with 25 thrust sectors to provide push to manufacturing in India is a major initiative.” An Investor Facilitation Cell, with back end support up to the State level has also been created in ‘Invest India’ to assist, guide, hand-hold and facilitate investors during the various phases of the business life cycle. The ordinance has been issued to make land acquisition easier for important projects. The Government has also developed unified Web Portal ‘Shram Suvidha’ facilitating industries in allotment of Unique Labour Identification Number (UN) to units; allowing filing a single self-certified online return for 16 labour laws; enabling random computerized inspections based on objective criteria and facilitating reports to be uploaded by inspectors within 72 hours of inspection, the Minister said. 

This article was published on March 04, 2015.