Investment Comn, NMCC to join hands

The Investment Commission and the National Manufacturing Competitiveness Council, both set up under the UPA government, will now work in close tandem.

The Investment Commission and the National Manufacturing Competitiveness Council NMCC, both set up under the UPA government, will now work in close tandem.

Investment Commission chairperson Ratan Tata and members8212;Deepak Parekh and Ashok Ganguly8212;recently met the NMCC chairman Dr V Krishnamurthy to identify the areas and sectors where synergy could be introduced in the work of the two think-tanks for investment and growth of the manufacturing sector.

While the Investment Commission liaisons with the government via the Finance Ministry, the NMCC, set up at PM Dr Manmohan Singh8217;s behest, functions through the Commerce and Industry Ministry.

The Investment Commission has just submitted an exhaustive report to the government with recommendations on increasing investment flows into the economy.

The Commission has identified thrust areas that require huge investments, the impediments being faced by the various sectors in the economy and asked for specific bottlenecks in investment procedures to be removed. The areas identified by the Commission include energy, textile and garments, automobiles and auto-components, food and agro-processing.

On the implementation of the National Strategy for the Manufacturing sector, V Govindarajan, NMCC8217;s member secretary said, 8216;8216;A High Level Committee on Manufacturing HLCM has been recently formed for the purpose of dealing with issues concerning manufacturing sector by the PM under his Chairmanship and this forum would consider such proposals.8217;8217;

The HLCM consists of the Finance Minister, Commerce and Industry Minister, Deputy Chairman, Planning Commission, Chairman, Economic Advisory Council, the concerned Sectoral Minister, Chairman, NMCC and the Principal Secretary to the Prime Minister.

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The Investment Commission will work together with the NMCC in specific sectors that have immediate potential for growth and employment generation.