compare the contribution of industry to national economy of India to that of East Asian economy. how government aims to achieve the desired growth rate?
Answers
Answer:
In India, the share of manufacturing sector has stagnated at 17 per cent of GDP – out of total of 27 per cent for the industry. This is much lower in comparison to some East Asian economics, where it is 25 to 35 per cent. The desired growth rate over
Answer:
. Over the last two decades, the share of manufacturing sector has stagnated to 17 per cent of the GDP, which is required to be increased.
. The trend of growth rate in manufacturing over the last decade is around 7 per cent per annum, whereas the desired growth rate is 12 per cent.
. Since 2003, manufacturing is once again growing at the rate of 9 to 10 per cent per annum.
. With proper policies of the government and efforts by the industry to improve productivity, economists predict that manufacturing can achieve its target over the next decade.
The National Manufacturing Competitiveness Council (NMCC) has been set up with this objective.
Explanation: