Industrialization implies the creation and growth of factories, mills, power plants and so on. It refers to the development of manufacturing and other related activities. Without rapid industrialization, economic development is almost impossible. The Government has made persistent efforts for rapid industrialization of the state thereby generates more employment opportunities, alleviates of poverty and remove economic disparities. Almost all the Public Sector undertaking like those shown below were facing financial problems and paucity of fund for maintenance inspite of providing package of incentives and concessions as laid out in its industrial policies and programmes.
(1) Manipur Cycles Corporation Ltd. (MCCL)
(2) Manipur Cement Ltd. (MCL)
(3) Manipur Spinning Mills Corporation Ltd. (MSMCL)
(4) Manipur Pulp & Allied Products Ltd. (MPAPL)
(5) Manipur Food Industries Corporation Ltd. (MFIC)
(6) Manipur Drugs and Pharmaceutical Ltd. (MDPL)
(7) Manipur Handloom & Handicrafts Development Corporation Ltd. (MHHDCL)
(8) Manipur Electronic Development Corporation Ltd. (MANITRON)
(9) Manipur Industrial Development Corporation Ltd. (MANIDCO)
The Government has decided to wind up five companies namely Manipur Cycles Corporation Ltd. (MCCL), Manipur Cement Ltd. (MCL), Manipur Spinning Mills Corporation Ltd.(MSMCL), Manipur Drugs and Pharmaceutical Ltd. (MDPL) (Joint Sector) and Manipur Pulp & Allied Products Ltd. (MPAPL), as they are all loss making industries. Proposals for privatization also failed as there were no buyer of the units. Regarding MDPL, the Government consulted the Central Government for its viability. MHHDCL, MANITRON and MANIDCO will be revitalized so as enable them to stand by itself with one time assistance. Proposals for revival of these three corporations were submitted to the State Government for inclusion in the memorandum to the Twelfth Finance Commission. The staff of the Public Sector undertakings which are under process of winding up were already retrenched. Regarding the MFIC, the process has been reviewed and it shall continue as Implementing Agency of the Food Park Project set up at Nilakuthi.
Source: Economic Survey Manipur 2016-17