Budget should raise the competitiveness of Indian manufacturing sector

The Indian manufacturing sector has the potential to elevate much of the Indian population above poverty by shifting the majority of the workforce out of low-wage agriculture. Manufacturing sector is the backbone of any economy. It fuels growth, productivity, employment, and strengthens agriculture and service sectors. Astronomical growth in worldwide distribution systems and IT, coupled with opening of trade barriers, has led to stupendous growth of global manufacturing networks, designed to take advantage of low-waged yet efficient work force of India. 

Though the small and medium enterprises (SMEs) are the backbone of Indian economy, most of the SME owners face a