Manufacturing Vs Indian Economy
The bulk of the Indian economy comes majorly from Manufacturing, Chemical, Infrastructure, Cargo, Agriculture and Exports industry, with IT, ITES and allied fields being the side-kicks for our economical growth. Contribution of different sectors in the GDP is an indicator of the economical growth. In any economy, industries have an important role to play, where industrially developed countries like the United States of America and the United Kingdom have a higher Per Capita income than the developing countries like India, Pakistan, etc.
At the time of independence, Indian economy was predominantly agrarian. In 1951-52, primary sector including agriculture, forestry, logging and fishing contributed for 54.56% of the economy while manufacturing and other activities provided for 16.11 of the GDP, while Transport & communication accounted for 10.31%, financial services for 10/.16% and other services an 8.87% share in the GDP.
In contrast to the widespread opinion on the industrial decline, the ratio of manufacturing output to GDP has continued to remain relatively stable during the post-war period. Evaluation of production functions including the R&D stock as a measure of technology suggest that the largest increases in multifactor productivity in manufacturing are primarily attributable to technological advance.
Looking at the Manufacturing industry, we see that India, of late, has been a country merely offering services, serving developing nations like the United States of America, the United Kingdom, Australia, to mention a few, than being at the manufacturing front.
The issues faced by the industrial sector preventing its growth include failure to achieve targets,
under-utilization of capacity, lack of world-class infrastructure, exponential increase of capital-output ratio, high cost industrial economy, inadequate employment generation, and many more. This phase thus saw the growth of the start-up companies to address such issues.
Over the years India has lost the battle (infact was never a strong contender) in manufacturing. India,today, does not have a history of a “Made in India” product in the hardware sector. We rely heavily on foreign technologies, licenses, and foreign knowledge to make products for the 1.25 billion odd people.
Mukunda Foods Pvt Ltd wishes to contribute to the growth of the Indian economy with its MADE IN INDIA products.