Mfg creates more jobs than other sectors: WEF
Updated: May 04, 2013 02:43:12pm
New Delhi, May 4 (KNN) With value-chain in industrial production getting more and more globally integrated, the manufacturing activities create more jobs than any other sector, a report by World Economic Forum (WEF) said.
The report was done jointly by WEF and Global Consulting Firm Deloitte Touche Tohmatsu on the basis of inputs from six countries including India, China, Germany and the United States.
“Our research highlights that today’s manufacturing value chains are global, highly interconnected and rapidly changing,” said Vice-Chairman and Consumer and Industrial Products Industry Leader at Deloitte, Craig Giffi.
“The innovation of manufactured products and manufacturing processes are among the most critical drivers of economic growth and prosperity,” he added.
While the report emphasises the role of manufacturing in the economy, it’s a matter of concern that the share of industrial activity in India’s GDP has been declining rather than increasing.
In 2010-11 the share of manufacturing in GDP was at 16.2 per cent which has declined to 15.2 in 2012-13.
The manufacturing sector has a fundamental role to play in global economic growth which includes job creation for emerging economies and developed markets, the WEF report said.
"Manufacturing adds value, creating more jobs than any other sector, driving innovation throughout every segment of our society and delivering consumer solutions - all of which are the keys to long-term, sustainable economic growth," said the global CEO champion of WEF's Manufacturing for Growth project, Andrew Liveris.
According to Manufacturing for Growth – strategies for driving growth and employment, key drivers behind a successful advanced manufacturing strategy include a competitive tax system, free and fair trade, education and talent development, energy efficiency, and technology and innovation.
The report is based on discussions with more than 70 chief executives and other senior executives, as well as workshops with industry, academic and policy leaders held over the course of 2012. It offers policy recommendations for six countries: Germany, Japan, the United States, Brazil, China and India. (KNN)
The report was done jointly by WEF and Global Consulting Firm Deloitte Touche Tohmatsu on the basis of inputs from six countries including India, China, Germany and the United States.
“Our research highlights that today’s manufacturing value chains are global, highly interconnected and rapidly changing,” said Vice-Chairman and Consumer and Industrial Products Industry Leader at Deloitte, Craig Giffi.
“The innovation of manufactured products and manufacturing processes are among the most critical drivers of economic growth and prosperity,” he added.
While the report emphasises the role of manufacturing in the economy, it’s a matter of concern that the share of industrial activity in India’s GDP has been declining rather than increasing.
In 2010-11 the share of manufacturing in GDP was at 16.2 per cent which has declined to 15.2 in 2012-13.
The manufacturing sector has a fundamental role to play in global economic growth which includes job creation for emerging economies and developed markets, the WEF report said.
"Manufacturing adds value, creating more jobs than any other sector, driving innovation throughout every segment of our society and delivering consumer solutions - all of which are the keys to long-term, sustainable economic growth," said the global CEO champion of WEF's Manufacturing for Growth project, Andrew Liveris.
According to Manufacturing for Growth – strategies for driving growth and employment, key drivers behind a successful advanced manufacturing strategy include a competitive tax system, free and fair trade, education and talent development, energy efficiency, and technology and innovation.
The report is based on discussions with more than 70 chief executives and other senior executives, as well as workshops with industry, academic and policy leaders held over the course of 2012. It offers policy recommendations for six countries: Germany, Japan, the United States, Brazil, China and India. (KNN)
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