Measures to bring industry and manufacturing centre stage for economic growth Marks 2015

Measures to bring industry and manufacturing centre stage for economic growth Marks 2015
Highlights

GDP at factor cost is no longer relevant in the New Series. As per the international practices, industry-wise estimates have been presented as Gross Value Added (GVA) at basic prices, while GDP at market prices’ of old series has been referred as GDP in new series.

1. GDP at factor cost is no longer relevant in the New Series. As per the international practices, industry-wise estimates have been presented as Gross Value Added (GVA) at basic prices, while ‘GDP at market prices’ of old series has been referred as GDP in new series.

India’s growth rate of the GVA at Basic Price at constant (2011-12) prices in 2014-15 was 7.2 % with growth of GVA in industry at 4.5 % and in manufacturing at 5.3 %. The sectoral share in GVA at basic price at constant (2011-12) price of manufacturing sector was 18.1 % in 2014-15.

GDP at constant (2011-12) prices in Q2 of 2015-16 is estimated at Rs. 27.57 lakh crore as against Rs. 25.66 lakh crore in Q2 of 2014-15, showing a growth rate of 7.4%.

Quarterly GVA at basic prices for Q2 2015-16 from ‘manufacturing’ sector grew by 9.3 percent as compared to growth of 7.9 percent in Q2 2014-15.

2. Doing Business Report

World Bank brings out Doing Business Report every year. Report for the year 2016 came out in October, 2015. In doing Business Report 2015, India was ranked at 142 among 189 countries. India’s rank for 2015 has been re-calculated and reported in Doing Business Report for 2016. The revised rank on account of various reforms initiated by the Government is 134. Our position has further improved in 2016 ranking to 130th rank. The table below indicates India’s ranking on different parameters.

S.No

Indicator

DB, 2016

DB, 2015

1.

Starting a business

155

164

2.

Dealing with construction permits

183

184

3.

Getting electricity

70

99

4.

Registering property

138

138

5.

Getting credit

42

36

6.

Protecting minority investors

8

8

7.

Paying taxes

157

156

8.

Trading across borders

133

133

9.

Enforcing contracts

178

178

10.

Resolving insolvency

136

136

Overall Rank

130

134

3. Good Governance Measures Taken

Several steps have been taken in the past 18 months to give the necessary thrust to manufacturing, whose share in the GDP has hovered around 15% for many years. Major Initiatives have been taken for improving ‘Ease of Doing Business’ in India through simplification and rationalization of the existing rules and procedure and use of information technology to make governance more efficient and effective.

4. Ease of Doing Business

(i) eBiz Portal :

A total of fourteen services were previously integrated with eBiz portal in 2014-15. The total bouquet of eBiz services now stands at 20 Central Government services.

List of Central Services integrated; list of Central Government Services in progress; list of 16 state services launched and list of 24 identified services for States is given below

• List of 20 Central Government Services(Integrated)

S. No.

Ministry/ Dept. Name

Service Name

1

Ministry of Corporate Affairs

Name Availability

2

Ministry of Corporate Affairs

Director Identification Number

3

Ministry of Corporate Affairs

Certificate of Incorporation

4

Ministry of Corporate Affairs

Commencement of Business

5

Central Board of Direct Taxes

Issue of Permanent Account Number (PAN)

6

Central Board of Direct Taxes

Issue of Tax Deduction Account Number (TAN)

7

Reserve Bank of India

Advanced Foreign Remittance (AFR)

8

Reserve Bank of India

Foreign Collaboration-General Permission Route (FC-GPR)

9

Employees’ Provident Fund Organization

Employer Registration

10

Employee’s State Insurance Corporation

Employer Registration

11

Petroleum and Explosives Safety Organization

Issue of Explosive License

12

Directorate General of Foreign Trade

Importer Exporter Code License

13

Department of Industrial Policy and Promotion

Industrial License

14

Department of Industrial Policy and Promotion

Industrial Entrepreneur Memorandum

15.

Department of Heavy Industry (DHI)

Issue of custom duty concession certificate to entrepreneurs under project import scheme

16.

Central Board of Direct Taxes (CBDT)

Changes or correction in PAN data

17.

Reserve Bank of India

Foreign Currency- Transfer of Shares

18.

Ministry of Labour and Employment (MoL&E)

Registration under the Contract Labour Act, 1970

19.

Ministry of Labour and Employment (MoL&E)

Registration under the Building and other construction workers Act, 1996

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