AN ANALYSIS OF INDIA'S MANUFACTURING SECTOR PERFORMANCE AND STRATEGIC INSIGHTS


Ms. Navyashree, Prof. Honnappa
1.Research Scholar, Dept of Economics Karnatak University, Dharwad, 2.Professor, Dept of Economics, College, Dharwad
Abstract
Over the past century, India’s industrial sector has experienced a reflective transformative journey, evolving from its colonial origins to become a key player on the global platform. This change has been achieved by shifts in policy, the emergence of key sectors, and efforts to stabilize economic growth with sustainability. Encompassing manufacturing, construction, mining, and utilities, it constitutes a significant share of India’s Gross Domestic Product (GDP) and serves as a prime contributor to employment, particularly for the expanding labor force. The main objective of this paper is to analyze the performance of India’s manufacturing sector, elucidating its economic significance, impact on employment, contribution to GVA and growth rate. In the case of India's industrial economy, the manufacturing sector is a key contributor to the country's economic growth, and it stands as an integral pillar, promoting employment opportunities, fostering innovation, and initiating necessary infrastructure development. It constitutes approximately 17% of India’s GDP and employs around 12% of its workforce. The sector includes a series of industries such as textiles, pharmaceuticals, automobiles, heavy machinery, aircraft, and consumer durables. While focusing on the manufacturing sector, is pivotal to achieving the $20 trillion GDP target by 2047, it is imperative to adopt a comprehensive approach that addresses infrastructure, skill development, regulatory reforms, and other factors to create an enabling environment for sustained growth in manufacturing.
Keywords:
Journal Name :
EPRA International Journal of Economics, Business and Management Studies (EBMS)

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Vol : 11
Issue : 6
Month : June
Year : 2024
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