- Objectives:
- Increase manufacturing sector growth to 12-14% per annum.
- Increase manufacturing share in GDP from 15% to 25% by 2025.
- Create 100 million additional jobs by 2022 in manufacturing.
- Increase domestic value addition and technological depth.
- Enhance global competitiveness of Indian manufacturing.
- Create appropriate skill sets among rural migrants and urban poor.
- Ensure sustainability of growth.
- Significance for Economic Growth:
- Aims to make India a manufacturing powerhouse.
- Addresses areas of regulation, infrastructure, skill development, technology, finance.
- Designed to get foreign companies to set up shop in India.
- Can gain share of global manufacturing from China.
- Leverages India’s large labor pool and domestic market.