Reviving industrial growth

20 DEC,2020 | MEDC


 

Green shoots in the economy are becoming increasingly visible. India’s industrial output rose in October 2020 for the second consecutive month after six months of contraction. Manufacturing and electricity have pushed overall industrial growth to 1.6%, which is the highest so far in the current fiscal year. Industry contributes around 29% to the GDP, and its revival is central to boosting overall economic growth. Though the government expects the current trend to continue, some experts are still sceptical. Despite the obvious health scare raised by the festive season, India has largely managed to control the spread of Covid. However, newer strains of Covid are now emerging in various parts of the world, and until the global economy stabilizes sustainably, our industrial exports are going to be impacted. However, the growth in domestic manufacturing is good news on the local employment front, as it accounts for the maximum number of jobs in the industrial sector. No doubt, there are still many risks to the economy from the ongoing pandemic, but our growth engines seem to be getting back on track.

*Photo Credit: Google

 

 

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