The share of manufacturing sector in the gross domestic product needs to be increased from present 15 per cent to over 25 per cent, according to N. Ravi Chander, Executive Director, Bharat Heavy Electricals Ltd (BHEL), Hyderabad.
Speaking at a seminar on manufacturing excellence organised by jointly by the Confederation of Indian Industry (CII) and Government of Andhra Pradesh here on Friday, he said innovation in product and process should be the key driver for the growth in manufacturing sector.
This would trigger growth in total value chain including cluster of ancillary industries. “More importantly, going by simple calculation, a 25 per cent share of manufacturing sector in GDP will create 90 million to 100 million jobs,’’ Ravi Chander added.
K Pradeep Chandra, Principal Secretary, Department of Industries, Govt of Andhra Pradesh, said it was time to revisit focus on manufacturing growth which was see in 1980s and 1990s.
Though services sector was growing, complete dependence on it would not augur well for the economy, he added.