The new manufacturing policy aims to raise the share of manufacturing in the country's gross domestic product (GDP) to at least 25 per cent within the current decade, commerce and industry minister Anand Sharma said.
Manufacturing currently contributes to just about 16 per cent of India's gross domestic product (GDP) despite record growth of 11 per cent over the last few years, he said while delivering the keynote address at the first 'Green Manufacturing Summit' on product, process and technology in New Delhi today.
India's manufacturing sector is expected to grow at 9 per cent in the current financial year, he said.
This is despite the country being ranked second in the world in terms of manufacturing competitiveness, he added.
The policy thrust on manufacturing is not just as an economic imperative, but also as a crucial social imperative integral to our inclusive growth agenda, he said.
"Manufacturing sector engages 11 per cent of India's workforce and contributes to a fifth of our GDP and nearly half of our exports. In the next decade, 100 million people are set to join the workforce and the manufacturing sector alone holds the potential of providing gainful employment to these people," he pointed out.