Indian economy can grow at 9-10 per cent by the end of the 12th Five Year Plan if the coordination and collaboration of stakeholders accelerates the manufacturing sector by 2-4 per cent, Planning Commission member Arun Maira today said.
"There is a need for co-ordination and collaboration amid various stakeholders, including the government, the industry and the civil society as a whole that can help to accelerate the growth in manufacturing sector by 2-3 per cent from the current level. It will make the manufacturing become the driver of India's economic growth," Maira told reporters here at CII's 11th Manufacturing Summit.
Rise in manufacturing will lead the economic growth to reach 8-9 per cent by the end of the 12th Five Year plan, he said.
"There is also a need to increase `depth' in manufacturing, which involves increasing participation across the value chain in manufacturing, improving domestic value addition and stimulating innovation," Maira said.
The growth in manufacturing will also boost job creation in the country, he said.
However, the existing labour laws are very antique and badly administered and require amendment, he said, adding that "amendment to the law should be made after taking into consideration the views of various stakeholders involved at ground level that will lead to improved productivity."