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Electric mobility, drones, bulk drugs to contribute $170 bn to manufacturing by 2025-26: DIPP working group

NEW DELHI: Biotechnology, electric mobility, unmanned aerial vehicles and bulk drugs are among eight emerging sectors that will contribute $170 billion to gross value added of manufacturing industry by 2025-26, according to a report by a working group of the Department of Industrial Policy and Promotion (DIPP).

The other four emerging sectors are medical devices, robotics and automation equipment, advanced materials, and chemicals, said the working group’s report on making India a $5 trillion economy by 2025.

“These sectors have exponential growth potential which need to be explored. Detailed assessment of the potential of these sectors should be taken up and actionable roadmaps drawn up to harness the potential,” the report, released on Wednesday, said.

Focus on emerging sectors is part of a three-pronged strategy suggested by the group to achieve $1 trillion from manufacturing. Focus on existing high-impact sectors and medium, small and micro enterprises (MSME) are the other two pillars.

Another $1 trillion is expected to come from agriculture and allied activities, while contribution from the servicesNSE 1.65 % sector is pegged at $3 trillion.

The report has suggested an ecommerce policy and regulatory framework to strengthen the country’s logistics sector and using ecommerce to facilitate access to larger markets, both domestic and international.

It said in the defence sector, there is a need to identify key components and systems and encourage global leaders to set up manufacturing base in India by offering limited period incentives; and ensure incentives result in technology/process transfer.

“Where applicable, leverage government purchases (offset policy), particularly for technology transfer; and ensure highquality anchor investors capable of spurring growth of associated suppliers (including MSMEs) and offer limited-period incentives to anchors, if required,” it said.

To boost electronics manufacturing, it said the government should consider offering additional fiscal incentives such as a limited-period tax holiday to players investing more than an identified threshold of investment. The report suggested measures to boost manufacturing .

TECHNICAL TEXTILES
Medicinal bandages and tapes, cotton wool, tent fabrics, nylon ropes, painting canvas, glass fibres, life jackets and certain outer garments are among the 207 products that the government will now identify as technical textiles.

Technical textiles are functional fabrics having applications across various industries, including automobiles, civil engineering and construction, agriculture, healthcare and industrial safety.

The government’s move to identify the harmonised system (HS) code for these products will aid clarity in export and import data compilation along with targeted incentives for the sector.

Official data pegs technical textiles industry in 2017-18 at Rs 1.16 lakh crore, which is likely to reach Rs 2 lakh crore by 2020-21.

The post Electric mobility, drones, bulk drugs to contribute $170 bn to manufacturing by 2025-26: DIPP working group appeared first on Its a Free World to Blog | Blog Directory | Article Directory.



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Electric mobility, drones, bulk drugs to contribute $170 bn to manufacturing by 2025-26: DIPP working group

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