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Government of India aims to increase the share of the manufacturing sector to the gross domestic product (GDP) to 25 per cent by 2022

Capital Market 

Mr Anand Singh Bhal, Principal Economic Adviser, DIPP, said that the New Industrial Policy, to be announced soon, will address the challenges faced by the sector encompassing of adoption of standards and quality control to impart competitiveness and take Indian to the next level of technology to make the country's industrial base strong.

Speaking at the '- Korea Technology & Education Exchange Forum' organised by FICCI jointly with Korea Business Centre (KIBC) and (KPC), Mr Bhal said that has moved from an agrarian to service dominated one. The sector has lagged and the time is opportune to give primacy to this sector. "India is not a very strong and only contributes to 16 per cent of our GDP which is not very good," he added.

Under the 'Make in India' initiative, the aims to increase the share of the to the (GDP) to 25 per cent by 2022.

He also said that India had a lot to learn from in terms of innovation in the manufacturing sector and creating a robust industrial base. The learnings and their implementation will also create large avenues for employment, the burden of which is currently borne by the services sector.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 07 2018. 11:46 IST