Investment in manufacturing key for India

Without rapid expansion of this sector, fast and consistent growth is unlikely

During his recent visit to the US, Prime Minister Narendra Modi met the chief executives of several American corporations, presumably to market India as an investment opportunity. Press reports indicate that most of the CEOs present were from enterprises in the service sector (Amazon, Google, Cisco, Microsoft, Mastercard etc) and few from the manufacturing or industrial sectors, when there is a great need to increase the contribution of these segments to our gross domestic product (GDP), growth and job creation. In the last 70 years, no Asian economy has grown fast and consistently without rapid expansion of the manufacturing sector.