India is looking to create as many as 100 million skilled jobs in the manufacturing sector by raising its share of gross domestic product (GDP) to 25% from 16%, commerce and industry minister Anand Sharma said on Thursday.
Sharma is in Davos for the World Economic Forum (WEF) annual meeting where he would also have interactions with top executives of large companies from across the world.
"India aims to raise manufacturing (sector’s) share of GDP from 16% to 25% and create 100 million skilled jobs. This is a must do," Sharma said while addressing the WEF session on manufacturing.
According to the Sharma, India needs to expand its manufacturing sector to boost exports and ensure sustainability.
As part of India’s national manufacturing policy (NMP), the country is seeking to boost the sector’s growth and ramp up its share in the country’s GDP to 25% from the current 15-16% in the next decade. The target is to create 100 million jobs by 2022.
The decline in manufacturing sector growth rate has cast its shadow on India’s exports that slowed down to 6% last November.
Sharma, who was later on Thursday scheduled to meet around 80 business leaders in Davos, on Wednesday met top executives of global firms, including Diageo, Heineken and Shell, and pitched the India growth story.