Promotion of Domestic Industry Sector
The rate of growth of industrial production measured in terms of Index of Industrial Production (IIP), with 2004-05 as the base, has been gradually increasing from 2.5 % in 2008-09 to 5.3% in 2009-10 and 8.2% in 2010-11. The growth rate of exports valued in rupee terms during this period was 28.19 % in 2008-09, 0.6% in 2009-10 and 32.3% in 2010-11.
The overall investment measured in terms of gross capital formation has continuously been higher than gross domestic savings indicating a positive contribution of capital inflows.
The major focus areas for improving the industrial climate during the 11th Plan have been the creation of world class infrastructure and devising regulatory mechanism to reduce transaction costs; promotion and facilitation of industrial investment including the foreign direct investment; improvement in business environment; development of industrial infrastructure through public private initiatives; removal of regional industrial imbalances; and development of industry relevant skills. The Union Budget 2011-12, has clearly indicated that for sustained growth of GDP and productive employment for younger generation, it is imperative that the growth in manufacturing sector picks up. Government is considering a manufacturing policy, which will bring down the compliance burden on the industry through self-regulation and help make Indian industry globally competitive. This will improve the growth rates for manufacturing and industry.
This information was given by the Minister of State for Commerce and Industry. Shri Jyotiraditya M. Scindia in a written reply to a question, in the Rajya Sabha today.
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