PM Modi's 'Make in India' Push to Drive Investments, Create Jobs

NDTV | Written By: Varun Sinha | Updated On: September 23, 2014 14:29 (IST)

Prime Minister Narendra Modi will unveil his "Make in India" campaign on Thursday, with an aim to turn the country into a global manufacturing hub. The sales pitch for the ambitious plan will likely be made to the world's top 3,000 companies and who's who of India Inc. are likely to be present at the occasion.
The new government's push for manufacturing could not have come at a better time. India needs to grow faster to increase per capita income and create jobs for over 10 million people, who join the workforce every year. To create jobs, the country needs to move away from the services-driven growth model to labour-intensive manufacturing-driven growth.

Analysts say reviving the manufacturing sector is a good bet because despite stagnant growth for the past many years, it accounts for a large chunk of jobs. Contrast that to farming, which employs nearly 50 per cent of population, but contributes just 14 per cent to GDP. The services sector contributes nearly 60 per cent to the economy, but employs just around 27 per cent of workforce.