An executive group of the Department of Industrial Policy and Promotion (DIPP) has said that biotechnology, electric mobility, unmanned aerial vehicles
Medical equipment, robotics and automation equipment, advanced materials, and chemicals are other emerging areas which the group has identified to play a key role in manufacturing.
“These areas have the potential for exponential growth that need to be explored. The capability of these areas should be widely evaluated and the actionable roadmap prepared for exploiting the potential potential, “In our report, by 2025, the group, working to make India $ 5 trillion economy by 2025, said to the group.
Focusing on emerging areas is part of the three major strategies recommended by the group to achieve $ 1 trillion from manufacturing. Existing high impact areas and medium, small and micro enterprises (MSME) are two other pillars.
Another $ 1 trillion is expected to come from agriculture and allied activities, while the contribution from the service sector has been calculated at $ 3 trillion.
In the report an e-commerce policy and regulatory framework has been suggested to strengthen the country’s logistics sector and to use e-commerce to facilitate access to large markets in both domestic and international markets.
It said that in defense sector, there is a need to encourage the establishment of manufacturing base in India by identifying major components and systems and by offering limited period encouragement to global leaders; And ensure the incentive results in technology / process transfer.
“Ensure high quality anchor investors able to increase the government purchase (offset policy), especially for transfer of technology, and related suppliers (including MSME), and if necessary, then the anchors are limited Offer encouragement of the period, “he said.
To promote electronics manufacturing, the government said that the government should consider offering additional fiscal incentives, such as players who invest more than the investment limit for a limited period tax holiday. In the report, measures have been suggested for promotion of manufacturing in other areas including aeronautical, space, textiles, biological and Ayurvedic products.