Long-term objective data analysis always shows up interesting facts.

The condition is that you have to leave your biases, proclivities, what you want to believe etc aside & just look at what the data tells you.

And this is what the data on manufacturing in India tells us.

Manufacturing is a big thrust area for us, as it should be...more so, as it drives job creation as well.

The long term data (from the World Bank) reveals some interesting things:

  • India's Manufacturing to GDP ratio was 13.3 percent for 2022 ie manufacturing was 13.3% of the GDP.
  • Last time it was at this (low) level?


Yup 55 years ago.

  • In fact from 1972 onwards it fell below 15%, let alone 14%, for the first time in 2018.
  • The best period?

The 5 years 2006-10. During this time, it was above 17% in 4 years, marginally below in one year.

  • In this period (2006-10) the Manufacturing output (in US Dollar terms) compounded 16.8% per annum...more than doubling.

In the last 5 years, it has compounded 2.5%...and the fall came pre-Covid.

For the growth of the economy as well as generating employment for our young people, it is important to focus on manufacturing alongside services.

Do let us know what you think.

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