The manufacturing sector of India has the potential to reach US$ 1 trillion by 2025 and India is expected to rank amongst the top three growth economies and manufacturing destination of the world by the year 2020. Since the late 18th century, the manufacturing sector has been a key engine of economic growth. With the right policies, the manufacturing sector can help bring about economic resurgence as it has the highest multiplier effect as compared to any other sector of our economy. Thus, the development of an emerging economy significantly depends on the performance and structure of its manufacturing sector.
The manufacturing sector presents new opportunities and challenges to business leaders and policymakers due to new technologies, discoveries etc thus helping a country grow and increase its GDP. In India, too, manufacturing is one of the largest contributors to the national GDP, directly & indirectly. Since manufacturing has substantial links with many other sectors, its output stimulates economic activity. As factory output grows, it requires more inputs from mining, utilities and suppliers leading to job creation and investment opportunities in sectors such as transportation, construction and retail.
This story is from the March 2020 edition of The Observer of Management Education.
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This story is from the March 2020 edition of The Observer of Management Education.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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