(Video) Rajya Sabha TV (RSTV) The Big Picture: New Govt's Thrust on Manufacturing

Topic: New Govt's Thrust on Manufacturing

Guest:

Dr. Arvind Virmani, (Former Chief Economic Advisor)
Shishir Sinha, (Senior Deputy Editor, Sr. Dy. Editor, The Hindu Business Line)
Dilip Chenoy (Secretary General, FICCI)

Topic Description:

Manufacturing in 2017 contributedonly about 16% to India’s GDP, stagnating since economic reforms began in 1991. By contrast, in east and south-east Asia, the industry share has exceeded 30-40% while manufacturing is up 20-30%. India’s manufacturing share of GDP has not moved up at all, though between 2004 and 2012 manufacturing employment growth was reasonable. However, total manufacturing employment has fallen significantly between 2011 and 2016 by 10 million in just four years, especially in labour-intensive manufactures. This is the opposite of what was achieved in Japan, Korea, Taiwan and China. By contrast, in India the labour intensive manufacturing sectors like food processing, tobacco, textiles, apparel, leather, wood and furniture have seen a decline since 2012. On this edition of the big picture we will analyse what the focus of the new government should be on manufacturing. Joining