Emphasising on the need to boost growth in the manufacturing sector, Bharat Forge Chairman and Managing Director Baba Kalyani today expressed hope that the soon-to-be-announced manufacturing policy would give an impetus to the sector.
“If India has to achieve exponential growth, it would have to be on the back of strong growth in the manufacturing sector. Recognising this, the government is about to announce a new manufacturing policy, aiming to increase the share of the manufacturing sector from about 15-16% to 20-25% (of GDP) in the next 10 years,” Kalyani said at an event here.
“The new manufacturing policy expected to be announced in a week or two would provide a thrust to the manufacturing sector,” he added.
Envisaging India as a global leader in the manufacturing sector in the next 10-years, Kalyani said that “with the manufacturing sector in China losing some of its earlier sheen, India could become a global hotspot in the next 10-years.”
Referring to a recent report that projected that GDP growth at 13% would make India a $4.5-trillion economy in 10 years against $1.5-trillion at present, Kalyani observed that even if India continued to grow at 8-8.5%, the target would be achieved by 2024.
It is imperative for the manufacturing sector to grow at a faster rate to provide a boost to the economy. It should no longer grow at 7%. It has to grow at 11-12%, he said.