The manufacturing sector in India is poised to contribute 25 percent of Indian GDP with a manufacturing growth of 12 percent to be achieved in 5 to 6 years by 2012, Dr. Ashwani Kumar, Minister of Industry, told audiences in the US while addressing a conference on “Competitiveness in India's growing Manufacturing Sector” hosted by the Asia Society in New York on Saturday.
Hence he urged US investors to invest in the manufacturing sector in India which was witnessing a resurgence and was at the core of the transformation of the Indian economy.
“The Indian manufacturing sector has acquired global competitiveness through the assimilation of global best practices in manufacturing and India's leadership in the IT sector will be used to give a competitive edge to its manufacturing processes.
More than 100 of the Fortune 500 companies have set up R&D centres in India”, he said, adding that “job creation in the hinterland of India is the foremost priority of UPA government, which can only be done by boosting manufacturing which currently accounts for 45 million jobs and 53 percent of the India's total exports.”
Chairing a session on Indian Economy at the conference organized by CII-Aspen Institute in Washington, as part of US-India Strategic Dialogue, Dr. Kumar stated that the UPA Government was committed to an economic policy initiative that would ensure growth with jobs to the rural and urban poor.
“India is now a serious actor on the global scene and that its demographic profile gives it an unbeatable advantage as compared to China. India has been able to achieve its current economic status on account of the proven competitiveness in the skill intensive sectors of our economy,” Dr. Kumar said.
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