Prime Minister Narendra Modi envisioned a goal of $5 trillion GDP by 2024-25, making India the third-largest economy in the world. Achieving it calls for setting all the means of economic growth like investment, consumption, exports across all the three sectors agriculture, manufacturing, and services.
The industrial sector is the primary driver of India’s economic growth. It impacts the effect of trade reforms and technological changes on employment, wages, competition-related issues such as market structure and price-cost margins, and the impact of industrial performance on the incidence of poverty and restructuring of public sector enterprises in India.
For the development of industries, we, of course, require corporate financing, corporate governance, and mergers and acquisitions in addition to the current themes.
The industrial sector had 54.3 per cent in India’s GVA and contributed over half of GVA growth in 2018-19.
The 12 identified Champion Services Sectors/Industries in India include the following:
- Information Technology & Information Technology enabled Services (IT & ITeS),
- Tourism and Hospitality,
- Medical Value Travel,
- Transport and Logistics,
- Accounting and Finance,
- Audio Visual Services,
- Legal Services,
- Communication Services,
- Construction and Related Engineering Services,
- Environmental Services,
- Financial Services,
- and Education Services
All these industries have covalent, conjoint, and reciprocal effects on each other. Moreover, some of these sectors complement and supplement each other, which cannot flourish without collaborative and team spirit culture. For example, Transport and Logistics services cannot be effective and efficient without ITeS, Legal Services, Communication Services, and Accounting services. Instead, this sector directly impacts manufacturing and agriculture since reducing logistics costs by 10% helps boost the country’s exports by about 5-8%.
Integrating these various service sectors will help us realize $3 trillion. It will also facilitate supporting manufacturing and agriculture to reach $1 trillion each. Thus, ensuring substantial progress through social infrastructure, employment, and human development in quantitative and qualitative terms.
The Indian industries and factories must become capable of manufacturing complex products matching global standards. To reach this goal, we must give comprehensive attention to the services that consistently contribute the most to income and employment.
The need of the hour is to facilitate projects and partnerships on inclusive and sustainable industrial development in our country. We need to organize and collaborate on online training, advocacy, policy advice, and best practices. In addition, there should be a specific focus on the productivity and resilience of micro, small and medium enterprises, resource scarcity, inclusive and responsible value chains and business, and strategic policy for industrial transformation.
What Do We Do?
Major goals which the government of India is all set to achieve through industrialisation:
Creating employment opportunities for the youth.
To encourage optimal utilization of available abundant human resources.
To outset at an international level among other developed countries.
There are several benefits of Industrial development in India, such as:
- Making India self-reliant by producing and refining their produce in an industrial setup through polishing and packaging.
- Creating a sustainable economy by balancing the agricultural and industrial sectors.
- Increase in per capita income.
- An increase in employment would lead to improved standards of living.
- Making India a better and a developed nation.
The HWC is doing its best in making India a self-reliant, innovative nation. We are setting up industries for manufacturing raw materials and packaging materials to get employment opportunities for the growing youth population.
So, let's come together to develop our nation's Industrial Sector to achieve Developed India 2030.