Question

explain the contribution of industry to national economic​

Answer 1

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Contribution of Industry to National Economy

The total contribution of industry to the GDP is 27% out of which 10% comes from mining, quarrying, electricity and gas. The growth of the manufacturing sector had been 7% in the last decade. Since 2003, the growth rate has been 9 to 10% per annum.

Answer 2

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• 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.

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