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High growth rate in Indian manufacturing sector a doable challenge: Kant

19 Dec 2018 Evaluate

Niti Aayog CEO Amitabh Kant has said that achieving double digit growth rate in Indian manufacturing sector on sustainable basis is a Doable challenge but for that the country needs to incorporate with global markets. Referring to the draft report of Department of Industrial Policy and Promotion (DIPP) on making India a $5 trillion economy by the year 2025, he said the plan envisages an annual GDP growth rate of 11.7 percent.

Kant stated that on sectoral basis, growth in the manufacturing gross value added has to be 14.6 percent year after year. He pointed out that “if manufacturing sector has to grow at 14.6 percent, then “you have to be a very integral part of the global supply chain” and it cannot be done without looking at global markets.” Besides, he said the country has to be extremely competitive and across chemicals, across automobile, across metals and that would require size and scale.

Niti Aayog CEO further said “for too long, Indian manufacturing has been looking at domestic markets. One thing is very clear that all of us must realise is that the big bucks are out there in the global markets…therefore, penetrating global markets must be our challenge.” He noted that no country has grown without penetrating global markets. He also urged the industry to create 2-3 global champions which will lead India into penetrating the global markets.

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