The central government is creating a National Industrial Corridor Development Authority to facilitate setting up of industrial corridors in the country, a senior official in the Ministry of Commerce and Industry recently informed Japanese investors and businessmen.
Addressing the 39th Joint Meeting of India-Japan Business Cooperation Committee, an event that was organised by the Federation of Indian Chambers of Commerce and Industry in partnership with the Japan Chamber of Commerce and Industry in New Delhi on November 17, Additional Secretary in the Department of Industrial Policy and Promotion Shatrughna Singh said the NICDA would carry out project development activities, appraise and sanction projects and coordinate and implement all efforts related to development of industrial corridors.
Speaking on the present government’s economic policy, particularly the ‘Make in India’ initiative, Sinha said India, despite its own set of challenges, offered a plethora of opportunities for Japanese companies. He added that the government was unleashing a series of reforms aimed at improving the business environment, fast tracking manufacturing and liberalising the FDI policy.
Singh pointed out that the enabling, conducive environment for doing business in India was an important factor that contributed to industrial growth. He drew attention to the government’s growing focus on simplification of procedures, rationalisation of existing rules and increased use of information technology for making governance more efficient, effective, simple and user friendly.
Singh said it was the government’s priority to develop a robust manufacturing sector since the sector had the potential to take the economic growth to a higher trajectory and also provide employment. He assured the government was committed to removing all the bottlenecks and keen to develop the country as a manufacturing hub. He added a number of measures had already been taken by the government in that direction.
Speaking at the event, Ambassador of Japan to India Takeshi Yagi said India had given a new thrust to economic reforms with deregulation of diesel prices, labour law reforms and relaxation in FDI norms but added bolder and more systematic reforms were needed for ease of doing business in the country.