Contraction in manufacturing data coupled with falling investment numbers pose stiff challenges to the health of Indian economy.
India’s manufacturing sector accounts for approximately 16-17 per cent of gross domestic product (GDP) and provides a significant multiplier to the economy in terms of output and employment creation. Each additional dollar generated by the sector has the potential to create 2-3 jobs in the economy. Globally, India is the sixth largest manufacturing nation and the sector has been growing at 6-7 per cent annually. To achieve the target of achieving $1 trillion by 2025, manufacturing growth needs to almost double to about 12.5 per cent annually, something both ruling party and the opposition unanimously agree. However, achieving this target is a tough task in the current scenario.
For Surja Singh, a 46-year old trucker from Faridkot district in Punjab, ferrying goods in his truck is no longer a viable business due to falling truck rentals. Consistent slide in the sales of consumer durables, FMCG and general merchandise over the past several 1uarters coupled with rising cost of diesel, among other facts, is also making the trucking business a big challenge. Move a 1,500 km from Punjab, Bhola Paswan, a 34-year-old employee at a prominent car dealership network in Jharkhand is fearing job loss in the coming months. “More than half of the vehicle sold in rural markets are on finance. Now credit seems to have dried out leaving more unsold inventory in the showrooms. Poor sales means very soon our salaries will be impacted,” says Paswan.
Bu hikaye Businessworld dergisinin December 22, 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Businessworld dergisinin December 22, 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Gauging Trumponomics For India
Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0
Reflections on Consciousness and Creation
Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind
MORE TAKE TO DRIVING IN STYLE
High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.
An ENRiching Outlook
KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence
Paving the Path to a Sustainable Future
Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees
LEADERSHIP TRANSITION AT XIAOMI INDIA
Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus
WEAVING SUSTAINABILITY
Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain
FORCE FOR GOOD
FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives
REIMAGINING TOMORROW
For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders