India to be global manufacturing hub by 2015: Arun Maira
India is poised to be a global manufacturing hub by 2015 and Government efforts are directed toward achieving this objective, a senior Planning Commission member said.business Updated: Nov 06, 2009 22:41 IST
India is poised to be a global manufacturing hub by 2015 and Government efforts are directed toward achieving this objective, a senior Planning Commission member said.
"Our objectives are to create a significant growth generating employment and make India a global manufacturing hub by 2015. We aim to build a competitive Indian manufacturing industry and promote recognition of the `Made in India Brand," Member, Planning Commission, Government of India, Arun Maira, told PTI on the sidelines of an event in Mumbai on Friday.
The spirit of the people to do something can be utilised as a major growth path in the manufacturing segment, he said.
"We want to develop skills within the cluster which will help the country's economy. The growth model has to be based on creating employment," Maira said.
However, we have to look at rationalisation of the taxation system and more flexible Government procedures in order to give a boost to the manufacturing segment, he said.
It is widely accepted that the growth rate of the manufacturing sector in a country truly reflects its economic potential. Most developed countries possess a strong manufacturing sector.
Though the services sector in India has brought faster economic success, still the manufacturing sector plays an important role on the ground of sustainability.
"In India, though the manufacturing sector is growing at a faster pace still it has failed to some extent with regards to its percentage share in the total GDP compare to countries like China, Thailand or Malaysia," Maira said.