New Delhi: The first National Manufacturing policy of the country is likely to receive a go-ahead signal on Thursday. During a meeting which will be chaired by Prime Minister Manmohan Singh, deliberation will be held on the policy draft in the presence of other senior ministers.

Under the policy, a target of increasing the share of manufacturing sector in Gross Domestic Product (GDP) from 15 percent to 25 percent has been set.

The Commerce and Industry Ministry has already prepared the draft for the policy. The policy draft was finalized only after considering the recommendations of various related parties.

It must be noted that the national policy is awaiting PM’s nod from past two months. The policy is expected to get the green signal during the meeting pending for long. The policy also includes a proposal for setting up National Manufacturing Investment Zone (NMIZ).

It is believed that the units set up under NMIZ will get relief from the existing labour laws. The units might get liberty to exercise ‘hire and fire’ policy. However, Environment and Labour ministries have already expressed their displeasure over the privileges to be received under NMIZ.

The Thursday meeting is expected to be attended by Finance Minister Pranab Mukherjee, Commerce and Industry Minister Anand Sharma, Forest and Environment Minister Jairam Ramesh, Law Minister Mallikaarjun along with Deputy Chairman of Planning Commission Montek Singh Ahuluwalia.

The implementation of the Policy is likely to boost the Foreign Direct Investment (FDI) into the country.