India Inc panel to pick up sectors to floor manufacturing pedal

NEW DELHI: A panel led by Mahindra & Mahindra managing director Pawan K Goenka and comprising members from leading business groups, has begun identifying industries to propel India’s manufacturing in a post-pandemic world.The committee is expected to draw up strategies to boost industrial growth in at least 12 sectors, including steel, agro-chemicals, food processing, aluminium, electronics and textiles.The special panel, set up with support from the Department for Promotion of Industry and Internal Trade (DPIIT), comes as the government moves to put in place a single window for all business activity, in partnership with states.Prime Minister Narendra Modi had in his previous interaction with chief ministers emphasised that the crisis wrought by the Covid-19 outbreak should be used to push reforms that will make the country an attractive investment destination. “The panel will look at industries that aid domestic growth with a focus on exports to achieve world dominance. The panel is working with many ministries,” an official who did not want to be named, said.The panel’s constitution assumes significance in the wake of India’s industrial activity reeling under the ongoing nationwide lockdown to combat the spread of the pandemic.75639132India’s eight infrastructure sectors contracted the steepest in nearly eight years in March after touching an 11-month high in February. Independent economists expect industrial production for March to contract by 15-40%.Various industry chambers will draw up strategies for at least three sectors each and submit the reports, especially as countries seek to replace China-made products with those from other sources.The CII will submit a report on agro-chemicals, steel, food processing and aluminium, while the Federation of Indian Chambers of Commerce and Industry would work on textiles, electronics and furniture.The exercise is meant to reshuffle the ways of doing business for both domestic and international companies so that fresh investments come to India, the official said.

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