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importance of manufacturing in India ??
briefly describe
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Answers
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Through time, manufacturing industries
have helped nations attain high
economic growth and sustainability.
Industrial nations have participated and
benefited from the rapid spread of
globalization—a key driver of economic
growth, prosperity and rising standard of living.
Dominance in manufacturing, however,
has navigated geographies as
developed nations have struggled to
keep manufacturing intact due to rising
costs and lack of competition, creating
opportunity for other economies to
emerge. In today’s global scenario,
manufacturing is an essential step not
only towards self-reliance, but a road to
national development and economic
empowerment.
India’s manufacturing sector
contribution to GDP peaked at 16.6% in
FY97, and has been a static contributor
at around similar levels since the start
of the liberalization era in 1991.
A manufacturing boost will help India
address one of its biggest problems—a
large work force with unmet
employment needs.Manufacturing will
also help reduce import dependence,
increase export revenues, sustain the
services demand and will make GDP
growth sustainable.
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