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Incentives to Industries to Boost The Economic Growth

The Ministry has taken a number of measures to boost the industrial growth of the country. These, inter-alia, include announcement of National Manufacturing Policy (NMP), 2011, simplification and rationalization of the Foreign Direct Investment (FDI) Policy, implementation of Delhi Mumbai Industrial Corridor (DMIC) project, conceptualisation of Amritsar Kolkata Industrial Corridor (AKIC), launching of the e-biz Mission Mode Project under the National e-Governance Plan, and creating a joint venture ˜Invest India™ in association with FICCI. Besides, incentives are given for helping industries in difficult areas through plan schemes of Transport Subsidy/Freight Subsidy Scheme, special package of incentives for Special Category States, North-East Industrial & Investment Promotion Policy, 2007, and specific programmes like Modified Industrial Infrastructure Upgradation Scheme, Indian Leather Development Programmes etc.

The Ministry is carefully monitoring the impact of global economic slowdown on domestic economy. The industrial growth as reflected by the Index of industrial Production slowed down in the last two years. This has been on account of a number of factors including, inter-alia, economic slowdown in other parts of the world.

Tags: Central Bank of NigeriafinanceGovernmentIncentiveIncentive programNigeriaPrivate sectorSmall and medium enterprises

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