Government sets up board to boost manufacturing
The new board called Manufacturing Industry Promotion Board (MIPB), will be headed by Commerce and Industry Minister Anand Sharma. The board will oversee the implementation of the National Manufacturing Policy.
The Department of Industrial Policy and Promotion issued a notification Sunday regarding the setting up of the board. The notification was signed on June 1, 2012, the commerce and industry ministry said in a statement.
The announcement of setting up new boards came in the backdrop of contraction in manufacturing activities.
As per the data released by the Central Statistics Office Thursday, India's economic growth slumped 9-year low of 5.3 percent in January-March quarter, dragged by contraction in manufacturing sector.
For the whole of 2011-12 financial year, the gross domestic product (GDP) growth slumped to 6.5 percent, which is even lower than 6.7 percent expansion registered during the global economic crisis period of 2008-09.