Industry & Economy
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Economy
`Aim for 14 pc growth in manufacturing sector'
Our Bureau
New Delhi, Nov 16
The challenge before industry and the Government is to achieve 14 per cent growth annually in manufacturing sector for the next 10 years from the present level of seven per cent, the Chairman of the National Manufacturing Competitive Council (NMCC), Dr V. Krishnamurthy, said here today.
Raising the growth rate in manufacturing to 14 per cent will enhance the sector's contribution to the GDP from 18 per cent to 30 per cent, he added.
Inaugurating the 20th National Conference on in-House R&D in Industry, organised by the Department of Scientific & Industrial Research (DSIR) and FICCI, Dr Krishnamurthy said, "The world is expecting us to play a leadership role. It expects more and more goods and services from India."
Balanced growth
He underlined the need for balanced growth of agriculture, manufacturing and services, where the contribution of manufacturing would have to nearly double to meet the employment aspirations of 10 million youth who enter the job market each year.
He said the manufacturing sector has remained stagnant, especially during the last couple of years largely due to Government policies and liberal imports.
CONCERTED STRATEGY
Dr R.A. Mashelkar, Secretary, DSIR, called for a concerted strategy to realise the Prime Minister's agenda of `technology-led rapid inclusive growth'.
While inclusive growth would call for a massive fillip to the manufacturing sector to generate employment for semi-urban and rural folk, the process can be made rapid through technological innovation, he said.
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