India will soon update its industrial policy to boost domestic manufacturing and accelerate economic growth. Under the new plan, units located in industrial zones may be able to share infrastructure; a company need not purchase land or equipment but will be permitted to lease them on long-contract basis helping to lower costs and cut down time on setting up operations, secretary to the Department of Industrial Policy and Promotion Ramesh Abhishek said.
Rules will be eased for small and medium businesses which constitute more than ninety percent of India’s economy. The reform measure aims to attract over $100 billion in investments into the country. The government is also completing work on the $100 billion Delhi-Mumbai Industrial Corridor. Work on $2-billion worth of projects has been completed and companies are being allotted land to set up factories.
