| Ashwani Kumar (right), minister of state for industry, with Indian Chamber president S.K. Bangur (left) in Calcutta on Saturday. A Telegraph picture
Calcutta, June 30: The Union industry ministry has proposed setting up special investment regions to give a boost to the manufacturing sector.
The manufacturing investment regions (MIRs) will be built on the model of the proposed hubs for production of petroleum, chemicals and petrochemicals, minister of state for industry Ashwani Kumar said here today.
Speaking to reporters on the sidelines of the annual general meeting of the Indian Chamber of Commerce here today, the minister said the proposal had been circulated to the relevant ministries and the Union cabinet was likely to give its approval soon.
“It is at an advanced stage,” the minister said.
Kumar said MIRs would be run by a board comprising representatives of the central and state governments and an anchor tenant.
These regions would require an area of 250 square kilometres and would be developed around existing industry clusters.
The minister said the government had set a target to maintain a 12 per cent growth in the manufacturing sector till 2010, adding that it would generate additional jobs to the extent of 16 million. According to Kumar, the manufacturing sector can contribute 28 per cent to the country’s overall GDP growth.
The ministry, which is also the nodal body for the Delhi-Mumbai industrial corridor, is betting big on the potential of the manufacturing sector.
On land acquisition for mega projects like the hubs for petroleum, chemicals and petrochemicals, the minister said it was a state matter.
He, however, said the passage of the Relief and Rehabilitation Bill in Parliament would help state governments in land acquisition.