Thursday, Nov 27, 2014

‘Robust manufacturing needed for 10% growth’

Press Trust of India | New Delhi | Posted: April 27, 2014 3:41 am

India would need an employment generating robust manufacturing sector to achieve an annual growth of 10 per cent, a top government official said Saturday.

“If India has to grow at 9-10 per cent per annum and if India has to create jobs for its very large population then to my mind we have to drive our manufacturing,” said Amitabh Kant, secretary, department of industrial policy and promotion.

“Manufacturing cannot be driven unless and until India becomes innovation led economy and therefore innovation has to be the backbone of India’s growth,”Kant added.

He was speaking at a Ficci function on Intellectual Property Rights.

Manufacturing, which constitutes over 75 per cent of the Index of Industrial Production (IIP), declined 3.7 per cent in February as against growth of 2.1 per cent in the same month a year ago. During April-February, the sector’s output contracted 0.7 per cent compared with 1 per cent growth previously.

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