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New Delhi: The government plans to set up a National Manufacturing and Investment Zones (NMIZs) under a policy to increase the share of the manufacturing sector in gross domestic product to 25 percent by 2022 from about 15 percent at present, reports Business Standard.
Also, the government is planning to plans to constitute a high-powered committee that would inspect applications for setting up NMIZs and subsequently monitor and expedite the progress of implementation. These zones would be run by a special-purpose vehicle (SPV) that would be responsible for their development and management. The SPV would, after notification of an NMIZ, prepare a detailed master plan consisting of a regional development plan specifying land use and zoning for processing and non-processing areas.
The Centre would give tax exemption on expenditure incurred in taking national and international process, product certification, approvals like ISO 9000, BIS 14000, BEE, IS, CSA, UL, VDE, etc. Half of the expenditure incurred in filing international patents would also be shared by the government.
The policy also proposes a four percent interest subvention on working capital to create parity with international counterparts. In government purchases, preference would be given to units located in NMIZs.
Currently, a manufacturing unit in India has to comply with 70-odd legislation, on an average, with each clearance requiring at least one licence or registration certificate. These compliances involve multiple inspections monthly or yearly.
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