Union Finance Minister Pranab Mukherjee said here that India’s manufacturing sector needs to be strengthened in order to revive the economy from the present crisis and improve the GDP position.
Delivering the address at the 11th annual convocation of Visvesvaraya Technological University at Belgaum on Sunday, Mukherjee said post-2007 the development of manufacturing sector was at a slower pace and there is an urgent need to improve the pace. The National Manufacturing Policy aims at increasing the share of manufacturing sector in GDP to 25 per cent.
“For this there is need for improved technology that is cost effective without compromising with the quality. We have to conform with the international standards as far as quality is concerned. For this there is need for skill development. The technological universities can play an important role in producing efficient and skilled technocrats” he said. Conecptualisation on scientific temperament and social concern is the need of the hour, Pranab said and highlighted the importance of creating skilled workforce.
Stating that infrastructure development was an important aspect in economic development Mukherjee said the government had envisaged augmenting Rs 50 lakh crore for infrastructure development through Public-Private Partnership (PPP) during 12 five year plan. He said the government had relaxed several regulations to allow smooth inflow of investment into the country. The FM said the country’s economy could recover from the turbulence with inflation almost hitting the two figure mark.
Mukherjee said the National Skill Development Corporation had been set up to promote skill development among the youths. He called upon the fresh engineering graduates to have a positive outlook and serve the country. “Use of technology with social, economic and political concern is needed to ensure that India becomes a super power by 2020,” he asserted.