Manufacturing sector should grow by 25 percent: Official
India needs at least 25 percent contribution from the manufacturing sector for sustained growth and it must focus on innovation and research and development to achieve this, an official said Saturday.
K. Jayakumar, joint secretary at the Department of Scientific and Industrial Research, said India should work on simplified laws and develop a support system for industries.
He was delivering a lecture on "Systems and Process Design to facilitate Industries Leverage Technology, Opportunities and Partnership" at the Mangalayatan University.
Half the population at present was under 25 years of age, he said. This presented tremendous potential and scope for development.
"We just need a focus on developing our manufacturing sector. There is a need for structural change, nurturing an industry friendly eco system and making Indian manufacturing sector more competitive," he said.
He discussed various methods to tap the potential in various sectors such as transportation, energy, strategic sector and livelihood.
(Posted on 01-03-2014)