Reviving manufacturing growth: Balancing govt and corporation roles

Ensuring manufacturing growth consistent with our development aims requires the government becoming less entrepreneurial and the corporations becoming much more entrepreneurial

Is manufacturing in India developing at a pace and pattern desirable for reaching the goal of the country becoming a developed economy by 2047?

 

In 2023-24 the share of manufacturing in gross value added (GVA) was 14 per cent at current prices. The accompanying chart presents five-year averages of the share of manufacturing in GVA, going back to the beginning of planned development. If we look at the five-year average trend in current prices, the 2020-21 rate of 16 per cent is only modestly above the five-year average of 13 per cent in 1955-56. This current account series also shows