(MENAFN- KNN India) New Delhi, Mar 28 (KNN) The Centre is set to comprehensively assess India's manufacturing prowess through a centralised intelligence unit or knowledge storehouse, aimed at significantly ramping up the manufacturing sector and making it globally competitive.
The proposed intelligence unit will delve into crucial metrics such as value-added, export performance, technological prowess, supply chain effectiveness, labor productivity, and access to global markets.
By conducting a comprehensive analysis of the domestic market, the unit aims to identify products with high demand and growth potential, as well as undertake a value chain analysis to understand products that can add value.
A key focus area will be to study the impact of the government's flagship schemes aimed at lifting the share of manufacturing in GDP to an ambitious 25 per cent by 2047, up from the current 17 per cent.
This includes the Production Linked Incentive (PLI) scheme worth Rs 1.97 lakh crore, the Make in India initiative, and the Phased Manufacturing Programme (PMP), all designed to boost local production and encourage export substitution.
The Department for Promotion of Industry and Internal Trade (DPIIT) will play a pivotal role in this exercise. It will identify champion sectors, develop a risk register with anticipated risks and responses, and assess and monitor the impact of PLI Schemes. Additionally, a central information repository for PLI schemes will be established through periodic consultations and information-gathering exercises with stakeholders.
In a bid to learn from global best practices, the intelligence unit will study the top ten countries in terms of their strategies and contribution to global manufacturing output. It will support the Steering Committee for Advancing Local Value-Add and Exports Research Analysis, Programme Implementation, and Data Intelligence Unit (SCALE RAPiD), which comprises representatives from various industry bodies and officials from commerce and industry, and other ministries.
The exercise will also involve evaluating India's export potential by identifying products with global demand and providing inputs during foreign trade negotiations to reduce trade barriers.
(KNN Bureau)
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