PM Manmohan Singh bets on manufacturing for 8-9 pct economic growth in India

Written by ENS Economic Bureau | New Delhi | Updated: Jul 10 2013, 21:02pm hrs
Prime Minister Manmohan Singh, at a meeting of the high-level committee on manufacturing on Tuesday, said that sustained economic growth of 8-9 per cent can be achieved in India by implementing measures to propel the sectors growth.

He said that manufacturing would be the backbone of the growth strategy over the next decade.

If we have to grow at 8-9 per cent in the future, it has to come through sustained growth in manufacturing, particularly labour-intensive manufacturing.... manufacturing alone can absorb all those who need better livelihood opportunities, he told the meeting.

The meeting, other than calling for setting up ultra mega steel plants, also resolved to expedite pending decisions to boost textile exports by 30 per cent this year.

On building of 70-100 seater aircraft, the meeting decided that a steering group would be formed to prepare a programme for the civil aircraft, building on defence offsets and using globally available engines.

The development of the aircraft is projected to be completed in five years and flight trials in the next two years.

The committee accorded its clearance to a pilot project for electric and hybrid vehicles to be launched in Delhi by August.