India's manufacturing sector expected to grow by 14 pc: Govt

Written by PTI | Mumbai | Updated: Aug 1 2014, 03:19am hrs
With the investor sentiment reviving, India's manufacturing sector is likely to grow by up to 14 per cent, the government said today.

"After a period of slowdown we have now started seeing a revival in the economy. We expect the manufacturing sector to witness around 14 per cent growth in the coming years," National Manufacturing Competitiveness Council's member secretary Ajay Shankar told reporters on the sidelines of a CII event here.

The investment sentiment in the country has revived in the past few months and the private sector, including global players, is expected to help invest in the manufacturing sector, he said.

The country witnessed 15 per cent growth in the manufacturing sector in FY07. "Therefore, achieving 14 per cent growth is not impossible," he added.

Shankar further said there is a need to use technology as it is critical for the manufacturing sector to survive, grow and compete globally.

The UPA Government had envisaged a number of steps to give a boost to the sector under the National Manufacturing Policy (NMP) 2011.

The policy aims to create 100 million jobs within a decade and increase the share of manufacturing in the country's GDP to 25 per cent by 2022, from the current 1516 per cent.