India is looking to create as many as 100 million skilled jobs in the manufacturing sector by raising its share of GDP to 25 per cent from 16 per cent, Commerce and Industry Minister Anand Sharma said.
Mr. Sharma is here for the World Economic Forum (WEF) annual meet where he would also have interactions with top executives of large companies from across the world.
“India aims to raise manufacturing (sector’s) share of GDP from 16 per cent to 25 per cent and create 100 million skilled jobs. This is a must do,” Mr. Sharma said while addressing an WEF session on manufacturing.
According to the Minister, India needs to expand its manufacturing sector to boost exports and ensure sustainability.
As part of India’s national manufacturing policy (NMP), the country is seeking to boost the sector’s growth and ramp up its share in the country’s GDP to 25 per cent from the current 15-16 per cent in the next decade. The target is to create 100 million jobs by 2022.
The decline in manufacturing sector growth rate has cast its shadow on the country’s exports that slowed down to about 6 per cent in November last.
Mr. Sharma, who will meet around 80 business leaders from India and abroad at an investment round-table here, on Wednesday met top executives of global firms, including Diageo, Heineken and Shell, and pitched the India growth story.
He is among a large delegation of ministers as well as business leaders from India who are attending the World Economic Forum annual meeting in this Swiss ski resort town.
During his meeting with various high level executives of global companies on the sidelines of WEF meet, Mr. Sharma assured them about the growth potential of the Indian economy.
Apart from global spirits major Diageo’s CEO Ivan Menezes, Mr. Sharma met executives from private equity player Carlyle, among others.
The Minister held meetings at ‘India Adda’, set up every year here by India Brand Equity Foundation (IBEF).
The meetings come against the backdrop of the Indian economy witnessing slow growth. The government is looking at ways to attract more foreign direct investments. Mr. Sharma is also meeting US Trade Representative Michael Froman and WTO chief Roberto Azevedo on the sidelines of the WEF meet.
These meetings would be happening for the first time after WTO’s ministerial conference in Bali.
Overcoming failures over the years, the World Trade Organisation (WTO) reached a landmark agreement in Bali that is expected to help boost global trade by USD 1 trillion. The agreement has also taken into account concerns of countries like India on protecting its food security scheme to provide subsidised grains to the poor.