- New manufacturing policy aims to create 100 million jobs and claim 25% of GDP by 2022
- India’s growth will falter without large-scale job creation – the service industry alone cannot deliver
- Greater investment in infrastructure, good governance and skills development are needed to make the policy reality
- The Indian government welcomes participation by foreign companies in manufacturing
Mumbai, India, 13 November 2011 – Business leaders and senior economists today threw their weight behind India’s New Manufacturing Policy, but warned that India’s growth will falter without large-scale job creation, during a panel discussion on the first day of the World Economic Forum’s India Economic Summit.
“I am very optimistic about this policy,” said B. Muthuraman, Vice-Chairman, Tata Steel, and President, Confederation of Indian Industry (CII). “Ten to 12 million new people are joining the job market every year – if you don’t have manufacturing, it will be a huge problem.” He cautioned that services alone cannot deliver on jobs: “The states need to be convinced that manufacturing is fundamentally important.”