As compared with the success achieved in the services industry, the Indian economy has witnessed a slow pace of growth in the manufacturing sector. To give an impetus to manufacturing, the government of India on 4 November notified the national manufacturing policy.
The policy is aimed at boosting the share of industrial production in the country’s economy, increasing employment, developing world-class infrastructure and promoting investments in India’s manufacturing sector, which is lagging behind other developing Asian countries.
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The pressures of the country’s demographics and the need to employ young Indians can be resolved by large-scale employment in the manufacturing sector. A rejuvenated manufacturing sector was seen as the best vehicle to achieve this goal.
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Abhishake Sinha is a partner at Chitale & Chitale Partners. Chitale & Chitale Partners is a full-service law firm based in New Delhi. It provides quality legal advice to its clients in matters relating to commercial laws.
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