For 8% GDP Growth, Manufacturing Needs to Grow at 12-14%

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India's manufacturing sector needs to grow at 12-14 percent for the country's overall growth rate to touch 8 percent, NITI Aayog member V K Saraswat said today.

Speaking a seminar on modernisation of Indian Navy, the former DRDO chief said the country's current share of Gross domestic product (GDP) expenditure for research in the defence sector was inadequate.

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"If we have to touch the overall GDP growth of eight percent, we need to have manufacturing growth at almost 12-14 percent compound annual growth rate (CAGR)," he said.

As per official data released yesterday, India's economic growth dipped in the January-March quarter to 6.1 percent. The growth of manufacturing sector was recorded at 7.9 percent in 2016-17.

Saraswat said India intended to achieve a 25 percent contribution by the manufacturing sector to its GDP by 2022.
In 2015, the manufacturing sector's contribution to the GDP was 15 percent -- almost USD 270 billion in a GDP of USD 1.8 trillion.

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