India invites Czech to invest in manufacturing sector

India has invited the Czech Republic to invest in its National Investment Manufacturing Zones as the country’s industrial sector is set to witness rapid growth in the next ten years. Acknowledging Czech  expertise  in  the  field  of engineering  sector,  especially automotives, Sharma said India has designated the Czech Republic as part of the market linked focus product Scheme for incentivising engineering goods exports.

Acknowledging Czech expertise in the field of engineering sector,  especially  automotives, Union  Commerce  and  Industry Minister Anand Sharma said India has designated the Czech Republic as part of the market linked focus product Scheme for incentivising engineering goods exports.

Under India’s National Manufacturing Policy, an attempt has been made to introduce flexibility in labour laws, simplify business regulations, provide fiscal incentives to small and medium enterprises (SMEs) and introduce simpler  and  expeditious exit mechanism.

Terming the upcoming Delhi-Mumbai Industrial Corridor as the biggest industrial infrastructure project in the world at the moment, Sharma said that eight of the 12 industrial  townships fell under DMIC, with the 900 square km Dholera Industrial Centre in Gujarat being the largest.

Underscoring the role of the engineering industry, Sharma said it represents 27 percent of total factories in industrial sector and accounts for 63 percent of overall foreign collaborations.

Quoting a World Bank study “Unleashing India’s Innovations”, Sharma said India is fast gaining global  recognition,  especially for its low-cost, high-tech frugal innovation technology.