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04 NOV,2019 | MEDC
There has been a slowdown in the labour productivity growth in the organized manufacturing sector, according to an analysis of Annual Survey of Industries data by India Ratings and Research. At India’s stage of economic development manufacturing needs special focus, and the sector’s growth requires high-quality infrastructure. Unless India becomes a manufacturing hub for multinational companies, we risk nullifying most of the advantages opening up to us due to the ongoing global trade wars. Most success stories of Asian economies surfed the wave of globalization and moved up the value chain from making garments to computers. Their secret was a powerful manufacturing sector, supported strategically by the local government as well as the private sector. Infrastructure development is not optional, and it is the key to enhancing the ease of doing business in India. If we are to become a $ 5 trillion economy over the coming five years, declining labour productivity in manufacturing has to be immediately arrested and reversed through a combination of education, training, and infrastructure development.
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