In this context, India has been considering strategies to increase manufacturing for a very long time, and there have been earnest and effective attempts to do the same in recent years. The Make in India initiative, Production Linked Incentive Schemes for 14 key sectors, National Logistics Policy and the Industrial Corridor Development Programme, are some of the Indian policy efforts in line with ramping up manufacturing in the country. These policy initiatives reflect the importance India has attached to its manufacturing sector. However, the point that growth in the service sector has outlasted that of manufacturing - unlike several other countries - has led to a more active and rigorous push in the sector. It has been a popular belief that the manufacturing sector has enormous potential to create jobs and absorb surplus labour that would otherwise be used in agriculture. Its potential has also been attributed to its capacity to take on unskilled labour for labour-intensive jobs. India has strongly emphasised on its industrial sector to generate an increasing number of jobs. The country has been striving hard for a long time to get its industrial industry to add to a rising pool of jobs. But it is crucial to supplement these initiatives with a focus on creating market-competitive jobs.
This story is from the 17 June 2023 edition of Business World India.
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This story is from the 17 June 2023 edition of Business World India.
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