Indian Companies Ask For Assistance With 12% Growth In Manufacturing

In order to hit the desired national goal of 12% manufacturing growth from the present 9% growth, Indian companies on July 5 asked for fiscal concessions, procedural modifications and financial assistance according to a July 6 report on indiantimes.com.

In a meeting with Finance Minister Chidambaram, heads of industry demanded that a national fund to them acquire hi-tech companies abroad. They also asked for fiscal concession similar to those that accompany economic zones.

Industry leaders offered to participate in the government 100 days minimum rural employment guarantee program, provided labor law is reformed in labor intensive industries like apparel and leather, according to the article.

Some companies expressed concern regarding inspections complaining that inspectors "try to harass industry in the name of procedure."

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