Mr Anand Sharma Union Minister for Commerce & Industry of India delivering a keynote address at the first Conference of State Industry Ministers said that Indian industry had made great strides in achieving global competitiveness and becoming one of the most attractive investment destinations for global investors, there was need for further accelerating its growth and enhancing productivity.

Mr Sharma emphasized the role of States in taking industrial development to the next level and announced that a High Level Committee of State Ministers is being constituted to make policy recommendations to increase the share of manufacturing in national GDP to 25%.

He informed the participants that the State Industry Ministers’ Conference would now be held annually and he would hold a special session with the North-East States to address the issues and challenges of industrial development in that region. He also stated that his Ministry will try to achieve an annual FDI inflow of USD 50 billion by 2012 and of USD 100 billion by 2017.

Mr Jyotiraditya Scindia minister of state for commerce and industry highlighted the strengths of the Indian industry and stressed the need to encourage industrial growth by creating an investor friendly policy regime. He exhorted the state government to work closely with Government of India to achieve the goal of accelerated industrial growth.