Origin Of 'Make in India'
After India liberalized in 1991, services sector grew contributing significantly to GDP, economic growth, international trade and investment. It was estimated that manufacturing sector’s contribution to GDP stood for 16% where services sector contributed 56.5% to the India’s GDP.
According to the Reserve Bank of India (RBI), India’s ITeS/ BPO exports rose 37% in 2012-13. While manufacturing exports continue to perform well, most of it remains in the skill-intensive sector (automotive, engineering, etc.). This does nothing for the large number of low-skilled workers who are either unemployed or labouring away in hazardous, inhumane conditions beyond the purview of established formal state regulations.
Even after the incorporation of National Manufacturing Policy in 2011, India’s share of global manufacturing only dipped. According to estimates released by the Central Statistics Office, India’s overall GDP growth in 2013 was at 4.9%, marginally above 4.5 %in 2012/2013. But manufacturing output was seen declining 0.2% in 2013 compared with 1.1% growth in 2012, dragging down the overall economy. It was likely to be the worst year for manufacturing since 1999/2000.
This story is from the January, 16 - 31, 2018 edition of BUSINESS ECONOMICS.
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This story is from the January, 16 - 31, 2018 edition of BUSINESS ECONOMICS.
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