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  3. India needs to focus on manufacturing sector to achieve sustained growth of 7-7.5% until 2030: CEA

India needs to focus on manufacturing sector to achieve sustained growth of 7-7.5% until 2030: CEA

04 Aug 2023 Evaluate

Chief Economic Advisor (CEA) V Anantha Nageswaran has said that India needs to focus on the manufacturing sector to achieve sustained growth of 7-7.5 per cent until 2030. He also said that manufacturing should be a key growth area given the country's comparative advantage in terms of skilled labour, improved physical infrastructure, well-established industrial ecosystem and large domestic market. 

As regards the services sector, CEA said the composition should change in favour of high value added services as this would improve earnings by attracting foreign demand. He noted that the share of manufacturing in total gross value added has to increase from 16 per cent at present to at least 25 per cent of GDP at the expense of agriculture and low value added services. He further said the investment rate (gross fixed capital formation/GDP) needs to increase from 29 per cent to at least 35 per cent. The private sector, including foreign direct investment, must drive up the investment rate as the government has limited fiscal space.

Nageswaran suggested that the key initiatives in this regard should include the development of domestic corporate bond market, and well-targeted fiscal incentives to attract investment. Regarding government investments, he said the focus should be on infrastructure and public goods which in turn would facilitate and stimulate private sector investment. According to him, the net exports need to increase from about (-)3.7 per cent of GDP to a more balanced figure, which can be done by creating a market for high-end manufacturing and high value added services. He also underlined the need for keeping inflation under check.


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