Competitive exchange rate will boost manufacturing sector

Modern infrastructure, easy regulatory framework and competitive exchange rate will play a key role in giving a boost to the country's manufacturing sector, a senior government official said.
National Manufacturing Competitiveness Council (NMCC) Member Secretary Ajay Shankar said that there was need to take measures to boost the manufacturing sector to achieve the vision of Prime Minister Narendra Modi's 'Make In India' initiative.
"Great deal of efforts will have to be put into achieve the target of increasing the share of manufacturing sector in country's growth. Competitive exchange rate, infrastructure and easy regulatory framework will play a key role in giving a boost to the sectors," Shankar said at a CII Manufacturing Summit here today.

National Manufacturing Policy aims at increasing contribution of manufacturing to the national GDP from current 16 per cent to 25-26 per cent by 2025 and of creating 100 million jobs in the next decade.
He urged the industry to prepare a road map that will enable the government achieve the goal of 'Make In India'.
"All the stakeholders, including the Central and state governments will have to work constructively in partnership to have consensus on that we need do to achieve the goal," he said.

Shankar also said there was a need to create island infrastructure to create jobs.
"We need island infrastructure if we have to create the jobs we need. Urban infrastructure development will take time. But we can develop the necessary infrastructure, including townships, along the industrial and freight corridors," he said, adding that providing electricity will be crucial for the growth of manufacturing sector.

Shankar further said the industry should focus on sectors like toys, electronics, aerospace apart from ship building, automobile, among others.