Goyal asks industry to increase manufacturing contribution to 25% of GDP


Trade and Industry Minister Piyush Goyal on Thursday asked industry to consider ways to increase the manufacturing sector’s contribution to 25% of GDP and set up 10 R&D laboratories or research centers. innovation to become a global technology leader.

He also said that the industry should make every effort to increase the share of exports to around 25% of GDP (gross domestic product).

Addressing the closing session of the DPIIT webinar on “Make in India for the World”, he outlined a five-point vision for boosting manufacturing and promoting exports.

“How can we really increase our manufacturing contribution to GDP to 25%? Can we increase our global trade to 10% of the size of our economy?… These are ambitious goals but, I think, achievable.

“Can we envisage being one of the top three service exporting countries? Can we consider supporting MSMEs (micro, small and medium enterprises) to increase their participation in foreign trade,” said Goyal.

Currently, the manufacturing sector accounts for about 15% of the country’s GDP.

The minister added that Indian companies should support locally made products.

He added that most of the suggestions from this webinar, such as technology transfer and harmonization of regulations, can be implemented.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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