The Case for Improving Manufacturing Productivity

To sustain growth momentum in the long run, the government and the industry along with financial institutions should roll out a synchronised policy to boost productivity in the key manufacturing sector that will generate quality jobs, higher income and enhanced demand.

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Improving productivity in manufacturing is critical for the economy to grow at a higher rate since it lands the economy in a virtuous cycle with optimum resource mix leading to optimum output enhancing the competitiveness of the goods produced. Shri V.P.Nandakumar MD & CEO Manappuram Finance Ltd

There are no two opinions that Indian economy is expanding at a faster clip than projected earlier with National Statistics Office (NSO) revising up its FY ’24 GDP growth forecast in January. According to the First Advanced Estimates of National Income published by the NSO, the Indian real economy will grow at a faster pace of 7.3% this fiscal compared to the 7.2% it clocked during the previous fiscal. This is the most optimistic projection made by any agency so far and tops even the 7% predicted by the Reserve Bank of India (RBI) in its December policy statement.