Forgot your account information?  |  Create a CME account

India plans to make moves in manufacturing

Published by Steve Coleman on August 19, 2011

After making major moves at the global level on the service sector, India is planning to get industrious about industry.

India plans to double its manufacturing exports by 2020, increasing its two per cent share of global trade. Since Europe and the United States ran into money problems, the country has managed to increase its manufacturing exports by 114 per cent.

Speaking at an Export Summit organized by the Confederation of Indian Industry, Indian federal commerce and industry minister Anand Sharma said the country needs to increase its industrial contribution to GDP from the current 16 per cent to at least the 22 per cent most other developing countries enjoy.

India's export target is US$550 billion by 2014-15. The country is on track to reach the benchmark, he said. India has also finished its consultations on a new national manufacturing policy and plans to announce details in the next few weeks.

While economic growth has been flat in the more developed countries, India has made its mark selling to Africa, South America and the Southeast Asia.

India plans to keep manufacturing, the service sector and investments on an equal footing in any trade negotiations, Sharma said.

Found in: news

National Office

Alberta British Columbia
Manitoba New Brunswick
Newfoundland & Labrador Nova Scotia
Ontario Québec
Prince Edward Island Saskatchewan