Commerce Minister Anand Sharma today called on the the Captains of the Industry to work hand in hand with the government to achieve higher economic growth. Speaking at a post Foreign Trade Policy interaction, the Commerce minister said, the country is on course to double trade by 2014. Mr. Sharma said, India played a vital role in the assisting the global economic recovery process, but never moved in to negative growth territory due to its strong macro economic fundamentals.  He said, the challenges being faced due to the ripple effect of the global economic crisis have to be addressed comprehensively. The minister said, in a highly interconnected world the Indian economy cannot expect to grow in isolation. He said, India have been engaged in Market diversification in the extended neighbourhood, South Asia, the ASEAN countries and also working towards larger integration of the Asian economy. Mr. Sharma said, Economic engagement is the only option for prosperity and peace and India's initiatives in this regard were well received by Pakistan as well. He said, for the economy to grow, an environment encouraging investments should prevail.  Mr. Sharma said, the Indian economy is driven by domestic demand, domestic consumption and demand for exports. He said, the National Manufacturing Policy unleashed by the government envisages to make India a Manufacturing hub. In reply to a question Mr. Sharma said, the implementation of the Goods and Services Tax is in an advanced stage and would soon be a reality.  Terming GST as the biggest reform the country can move forward on, the Minister said, the Centre government is very on keen on GST and working with the States to implement it. He also said, the negative list will be small.

The government set up a high-level board to boost the manufacturing sector. The panel will be headed by Commerce and Industry Minister Anand Sharma. The decision to set up the board comes within days of Prime Minister Dr. Manmohan Singh set up the Investment Tracking System to give a push to mega projects of over 1,000 crore rupees in the backdrop of economic growth sliding to nine-year low of 6.5 per cent in 2011-12.

The 13-member Manufacturing Industry promotion Board (MIPB), would periodically review the overall situation of the manufacturing sector, which contracted to 0.3 per cent during the quarter ending March 31, from 7.3 per cent in the corresponding period of 2010-11.The MIPB, set up to give a big push to operationalise the National manufacturing Policy ,NMP, would also coordinate among central ministries and state governments.

The government has formed three more panels for the proper implementation of the NMP. The policy seeks to raise share of the manufacturing sector in the GDP to 25 per cent from the present 15-16 per cent in the next decade.