Unlike many of the other emerging countries, where manufacturing has been the main growth engine (growing much faster than GDP), India banked on services sector to fuel its economic development. As a result, in spite of registering a healthy average GDP rate of 8-9 percent during 2005-2012, the manufacturing sector's contribution to the GDP remained stagnant at 16 percent. Realising the importance of manufacturing to provide sustainable livelihood to growing population, the new government is taking steps to revitalise the sector by setting the juggernaut rolling with the Make in India initiative.
To make India a global manufacturing hub, the government will have to create conducive environment for a thriving eco-system wherein suppliers to product manufacturers can also flourish. One of the key components of this ecosystem is chemicals, which go into every product that one can imagine. In fact, development of any economy or country is directly linked to the per capita consumption of chemicals.
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