What is the contribution of industry to the national economy?
Answer:
- Over the last two decades, the share of manufacturing sector has stagnated to 17 per cent of the GDP, which is required to be increased.
- The trend of growth rate in manufacturing over the last decade is around 7 per cent per annum, whereas the desired growth rate is 12 per cent.
- Since 2003, manufacturing is once again growing at the rate of 9 to 10 per cent per annum.
- With proper policies of the government and efforts by the industry to improve productivity, economists predict that manufacturing can achieve its target over the next decade.
The National Manufacturing Competitiveness Council (NMCC) has been set up with this objective.