Question

Examine the contribution of manufacturing industry to national economy.

Answer 1

Answer:

Manufacturing industries also reduce the heavy dependence of people on agricultural income by creating new jobs in secondary and tertiary sectors. Industrial development helps in eradication of unemployment and poverty and helps in bridging regional disparities.

Answer 2

Answer: Manufacturing industry and the Indian Economy

Explanation:

1) For the last 2 decades, this industry has contributed to only 17%of Indian GDP from 27 % in which 10 % goes to mining,quarrying,coal and gas consumption,etc.

2) This is much lower than the contribution in other countries of South East Asia which ranges to 25 to 35 %

3) The expected growth rate is that it increases to 12% by the next decade. It is currently 7%.

4) The annual average increase per year has lately been 9% to 10% since 2003

5) To increase the contribution of this sector in the Indian Economy, the Government has also established the National Manufacturing Competitiveness Council or NMCC