Industry body Federation of Indian Chambers of Commerce and Industry (Ficci) today said a manufacturing policy with focus on technology upgradation in domestic industry should be unveiled at the earliest.
"Cornerstone of such a policy should be achieving technology upgradation, which is key to the competitiveness in manufacturing," Ficci President Harshpati Singhania said.
It said there is a need to provide appropriate incentives and schemes for promoting technology upgradation in the manufacturing sector.
Commerce and Industry Minister Anand Sharma recently said the government would come out with a national manufacturing policy by June-end to attract foreign investment and promote industrial activity in all parts of the country.
The National Manufacturing Competitiveness Council (NMCC), a government body, had suggested the formulation of a manufacturing policy.
In its recommendations to the NMCC, the chamber has also emphasised the need for leveraging India’s government procurement market to promote domestic manufacturing.
Ficci recommended that as is the case in other countries, government could identify high technology areas like aerospace, advance electronics and bio-technology manufacturing, which could be promoted by tax incentives.
In addition, it has also said there is a need to leverage foreign direct investment (FDI) for technology transfer.
"There is a need for multi-pronged approach for changing the technology canvas of our manufacturing sector," Singhania said.
