National Manufacturing Policy aims at enhancing the share of manufacturing in GDP to 25% withing a decade and creating 100 million jobs. It will create National Investment Manufacturing Zones whose ownership will be with the state governments. We need to simplify and digitize procedures, develop robust infrastructure, relax labour laws. Achievement of manufacturing competitiveness necessitates constant innovation. R&D expenditure as a % of GDP is often used as an indicator of the state of innovation. India has a huge problem of jobs-skill mismatch. Vocational training is required. We need job creation at the bottom of the pyramid. Right time to launch a National Entrepreneurship Policy. Importance of a strong IPR regime. We need to sort out environment and regulatory issues. Tax incentives for small investors. Ensure that there is no cascading of taxes.
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