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Over the last two decades, the share of the manufacturing sector has stagnated at 17 percent of GDP-out of a total of 27 per cent for the industry, which includes 10 per cent for mining, quarrying, electricity and gas. This is much lower in comparison to some East Asian economies, where it is 25 to 35 per cent. The trend of growth rate in manufacturing over the last decade has been around 7 per cent per annum. The desired growth rate over the next decade is 12 per cent. Since 2003, manufacturing has been once again growing at the rate of 9 to 10 percent per annum. With appropriate policy interventions by the government and renewed efforts by the industry to improve productivity, economists predict that manufacturing can achieve its target over the next decade. The National Manufacturing Competitiveness Council (NMCC) has been set up with this objective.

As of 30 November 2011, there were 1946 cotton and human-made fibre textile mills in the country. About 80 per cent of these are in the private sector and the rest in the public and cooperative sectors. Apart from these, there are several thousand small factories with four to ten looms.

Answer the following MCQ by choosing the most appropriate option:

Where has the GDP per cent of the manufacturing sector stagnated over the last two decades?

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10%

20%

17.5%

17%

answer is D.

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Detailed Solution

The manufacturing sector in the GDP has stagnated at 17% over the last two decades out of 27 per cent for the industry, including 10% for mining, quarrying, power, and gas.
Manufacturing is considered to be the backbone of both social and economic progress. Manufacturing industries not only help modernise agriculture but also help to reduce people's reliance on agricultural income by providing jobs in secondary and tertiary industries. A recent study shows that a 12-per cent growth rate is expected during the next ten years.

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