Board set up to boost manufacturing
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With industrial output contracting, a worried government has set up a high-level board to provide fillip to the manufacturing sector, reeling under increased cost of credit and global slowdown in demand along with domestic policy inertness.
The government has established a 13-member manufacturing industry promotion board under the chairmanship of commerce and industry minister Anand Sharma that would periodically review overall situation of the manufacturing sector.
The decision to set up the board comes within days of Prime Minister Manmohan Singh constituting the Investment Tracking System to give a push to mega projects of over Rs 1,000 crore in the backdrop of economic growth sliding to nine-year low of 6.5 per cent in financial year 2011-12.
Manufacturing sector contracted to 0.3 per cent during the quarter ending March 31 from 7.3 per cent in the corresponding period of 2010-11.
The government has formed High Level Committee, Green Manufacturing Committee and Board of Approval for the proper implementation of the National Manufacturing Policy.
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