It's been more than 2 decades since exemplary economic reforms were rolled out by the then government of India. Every sector grew, including manufacturing. However, its share in India's GDP (Gross Domestic Product) is stagnant at around 15 per cent. It is certainly not a healthy contribution, considering it is 30 per cent in China, 35 per cent in Thailand, and 24 per cent in Malaysia.
The investment climate in the sector has deteriorated in the recent years. There haven't been much fresh investments. New facilities are not being created; and that's why new jobs are not there in the sector. Certain regulatory approvals are taking more time than usual; and high interest rate regimes are further adding to the woes.
The economy is down with despair. And to revive it, manufacturing sector must take off first. As of now, manufacturing in India is a sad story that nobody wants to listen to. The industry players have to do the thing on their own. Loopholes must be discovered and fixed; newer and better technologies must be employed; human beings must be considered the core asset and need to be trained to the highest levels. Each and every manufacturing company in India should put these ideas to use to come out of this state of despair. Even government has to play a role bigger than ever by supporting the sector in every way possible.
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