The Growth Of India Needs A Strong Manufacturing Base For Its Long Term Progress

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Nicholas Kaldor, an eminent economist of his era stipulated three growth laws related to the causation of growth in an economy. One of these laws says that the productivity of the manufacturing sector is positively related the growth of the manufacturing sector. While one standpoint may claim that India’s service sector surge during the period before the fall of Leyman brothers has provided the aegis to protect itself from the global recession, the fact is that in the trends that we observe in the changing world, where every product is expected along with a higher quotient of service vice versa - manufacturing and services have become complements but not substitutes. It is needless to emphasize on the fact that India needs a strong…show more content…
It was an extremely ambitious aim to heave upward the figure 16% that has remained constant since the 1980s. With the advent of Modi’s ‘Make in India’ initiative, India is all set to embark on the journey of transforming itself into a global manufacturing hub. ‘Make in India’ includes major new initiatives designed to facilitate investment, foster innovation, protect intellectual property, and build best-in-class manufacturing infrastructure. It has been featured in KPMG’s ‘100 Most Innovative Global Projects’ as one of the world’s most innovative and inspiring infrastructure projects. The country has all the more reason to be optimistic about the future as the prime minister himself would be the face of the project. As Warren Bennis quotes “Leadership is the capacity to translate vision into reality”, the new government in the hands of decisive leaders like Narendra Modi possesses the capacity to build the brand name of Credible India and not just Incredible India India has to take up the vision of the new government as its mission to actually see some ground level change in the attitude of the country towards manufacturing. It has to be communicated to every individual that now is the right time for the country to invest in the manufacturing sector, if not two decades earlier, to sustain the macroeconomic welfare of the society. The overall performance of the country when a specific goal is set has been proved to be higher all the
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