Despite efforts, manufacturing remains laggard under Modi

DESPITE the government's efforts to boost domestic manufacturing, there has not been much progress on this front.1 The 'Make-in-India' initiative was launched in 2014, aiming to increase the share of manufacturing in the economy to 25% and create 100 million jobs by 2020.

-  MONIKA YADAV

DESPITE the government's efforts to boost domestic manufacturing, there has not been much progress on this front.

1 The 'Make-in-India' initiative was launched in 2014, aiming to increase the share of manufacturing in the economy to 25% and create 100 million jobs by 2020. However, this target has been delayed three times and now it has been shifted to 2025.

As per the government data, manufacturing sector's share in gross domestic product (GDP) stands at 13% in FY24 as I against 15% in FY14. The decadal average comes around 4.5%, still lower than the FY14 figure. As per the annual survey of industries (ASI), 1.72 crore people were engaged in manufacturing sector in FY22 as compared with 1.61 crore in FY 21. In FY24, manufacturing output surged 5.5% as against 4.7% in the previous year.