Manufacturing growth can be tipping point for GDP growth, says Ansari

FPJ BureauUpdated: Thursday, May 30, 2019, 10:22 AM IST
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Mumbai : Manufacturing sector in India needs to improve in terms of productivity and efficiency to compete in a globalised market, stated Vice President M Hamid Ansari while delivering a lecture in Mumbai.

He also added that growth in manufacturing can be a possible long-term solution to meet challenges of an increasing trade deficit and the need to generate employment for millions of youth joining our workforce. “In other words, manufacturing sector growth can be the ‘tipping point’ for increasing the GDP growth in India.

Mentioning flagship initiative ‘Make in India’, Ansari said, “The Government has rolled out policies and regulations, including the flagship ‘Make in India’, to encourage manufacturing in India. Of course, there are no silver bullets and one policy measure cannot change the dynamics of the sector and make India the most desirable place to manufacturer for any particular sector. He was speaking at 6th Dr. M. Visvesvaraya Memorial lecture on ‘Enhancing India’s Global Competitiveness”, where Ansari honoured Padma Bhushan Rajashree Birla who is the chairperson of the Aditya Birla Centre for Community Initiatives and Rural Development, with WTCA Award of Honor 2016.

Ansari added that technology has been the principal driver in globalisation especially Information Technology.  Commenting about global standards, he said that Global standards are facilitating international trade and India needs to set up global standards for high influence globally. Hence, India needs to be prepared to adopt standards and uniform laws globally which will help facilitate international trade and investment, he added.  “The global standardisation process, therefore, needs to become much more transparent so that interested parties can better understand the potential competitive effects of particular standards.”

Others present on this occasion was Vinod Tawade, minister of higher and technical education, Marathi Bhasha, Current affairs, Government of Maharashtra; Ghazi Abu Nahl, chairman, WTC Association New York and Kamal M Morarka, chairman, World Trade Centre.

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