Indian manufacturing should aim for a 5 per cent global share by growing at more than 10 per cent annually, says a report by research firm KPMG.
“If we are able to sustain this growth rate till 2022, then we could reach a 5 per cent share of the global manufacturing output. This growth is important even from the point of view of employment generation”, says the report titled ‘Manufacturing India @ 75’ released at a manufacturing summit organized by CII .
India’s share of global manufacturing has marginally increased from 1 per cent in 1995 to around 1.8 per cent currently as the Indian manufacturing has grown on the back of growth in internal demand.
According to the report, the essential growth ‘enablers’ required to drive growth in manufacturing are infrastructure, people development, regulatory environment, communication and technology.
The government needs to create an enabling environment for the manufacturing sector.
The report also emphasises the need for the manufacturing sector to play a pivotal role in terms of its ability to absorb such large pool of semi-skilled and unskilled labor.
