The Statesman/Asia News NEtwork
NEW DELHI — India would need an employment generating robust manufacturing sector to achieve an annual growth of 10 percent, a key government official said on Sunday.
“If India has to grow at 9-10 percent per annum and if India has to create jobs for its very large population, then to my mind we have to drive our manufacturing. Manufacturing cannot be driven unless and until India becomes innovation-led economy and therefore innovation has to be the backbone of India’s growth,” Secretary in the Department of Industrial Policy and Promotion (DIPP) Amitabh Kant said here at a Ficci function on intellectual property rights.
Manufacturing, which constitutes over 75 percent of the index of industrial production (IIP), declined 3.7 percent in February against a growth of 2.1 percent in the same month a year ago.
To boost the manufacturing sector’s growth, the government has proposed setting up mega industrial zones in different parts of the country.
The National Manufacturing Policy aims at increasing the contribution of manufacturing to the national GDP from the current 16 percent to 25-26 percent by 2025 and creating 100 million jobs in the next decade.
Mr. Chaitanya Prasad, Controller General of Patents, Designs and Trademark, said: “An ecosystem in the form of institutions, incentives, policies and the right tools can shoot up activities in the country at all levels.” He emphasized the need for innovation and said: “The immediate need for a developing country like ours is to make maximum efforts to find out ways to translate innovations into affordable knowledge-products in order to serve the public.”