AMN /
A recent survey has said that considering the rate at which the Modi government’s ambitious ‘Make in India’ initiative is progressing, its target of creating 100 million jobs and achieving 25 per cent of GDP from manufacturing sector by 2022 may be difficult to meet.
According to a joint report by research firm The Boston Consulting Group and apex industry chamber Confederation of Indian Industry, though the performance of the manufacturing sector has improved in the past few months, the progress is not enough to achieve the targets of ‘Make in India’ drive.
According to the report, in contrast to the ‘Make in India’ target, manufacturing still accounts for only 17 per cent of India’s GDP and has remained stagnant at this level for the last five years.
The report further noted that manufacturing exports increased from USD 188 billion in 2011 to USD 203 billion in 2014. India’s share in global market still remains at 1.5 per cent. The report said, this shortfall is reflected in job creation in manufacturing sector.
It said, only four million jobs are estimated to have been created in the sector since 2010. Extrapolating this growth of 1.5 per cent, we will fall short of the target by 92 million jobs by 2022, the report said.