Compare the contribution of industry to national economy of India to that of East Asian economies. How government aims to achieve the desired growth rate.
Answers
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Explanation:
In India, the share of the manufacturing sector has stagnated at 17 percent of GDP – out of a total of 27 percent for the industry. This is much lower in comparison to some East Asian economics, where it is 25 to 35 percent. The desired growth rate over. Over the last two decades, the share of the manufacturing sector has stagnated to 17 percent of the GDP, which is required to be increased. The trend of growth rate in manufacturing over the last decade is around 7 percent per annum, whereas the desired growth rate is 12 percent.
Since 2003, manufacturing is once again growing at the rate of 9 to 10 percent 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.