Revamping India's Manufacturing: A Blueprint for Development by 2047
NITI Aayog CEO BVR Subrahmanyam emphasized the crucial transformation of India's manufacturing sector to elevate the nation to developed status by 2047. He highlighted restructuring skilling landscapes, increasing GDP share, and creating sector-specific infrastructure as pivotal steps to enhance India's global industrial competitiveness.
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- India
India's journey to being a developed nation by 2047 hinges on a significant overhaul of its manufacturing sector, asserted NITI Aayog CEO BVR Subrahmanyam at a CII event. The initiative aims to shift the workforce from agriculture, requiring a restructuring of the skilling landscape in India.
Currently, only a few states dominate manufacturing activities, while the agriculture sector employs 42.3% of the population but contributes 18.2% to GDP. A National Manufacturing Mission, with a powerful central body, will soon be announced to boost manufacturing's GDP share from 17% to 23%.
Subrahmanyam stresses the need for India to establish itself as a pivotal player in global supply chains, mirroring China's success. Strategic developments, including industrial infrastructure and education system reforms, are seen as catalysts to transform India's economic landscape and attract global investments.
(With inputs from agencies.)
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