As against an average annual growth of 9.8% targeted in the 11th Five Year Plan, the manufacturing sector has averaged a growth of 7.7% per annum during the Plan Period. The decline in manufacturing growth has been on account of moderation in demand, both domestic and external, hardening of interest rates, slowdown in consumption expenditure, especially in interest-rate sensitive commodities, subdued business confidence and global economic uncertainty.
Manufacturing growth rate of 10 per cent is one of the core set of monitorable indicators in 12th Five Year Plan.
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