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Several meetings have been held with stakeholders, including chambers of industry, to identify those sectors that have the potential to become global winners and make India a strong manufacturing hub, the sources said.
“There are 12 leading sectors that can be considered. These include modular furniture, toys, food processing as ready-to-eat foods, agrochemicals, textiles as artificial fibers, air conditioners, capital goods, pharmaceuticals and auto parts,” said one of the sources.
Groups and subgroups have been formed on the subject through the participation of representatives of industry chambers such as the IIC and Assocham.
They added that the core group would identify a specific implementable policy based on issues such as technological capacity, employment potential, and global and domestic demand.
Trade and Industry Minister Piyush Goyal has recently stated that in the post-COVID era, there will be a noticeable change in global supply chains, and Indian industrialists and exporters should try to capture a significant share of world trade.
He has said that the ministry is working to identify specific sectors that can be carried out in the immediate future for the purpose of exporting.
Promoting manufacturing will help create more jobs and boost India’s exports.
The manufacturing sector contributes about 15 percent to the country’s economy, and the government aims to increase it significantly.
Production from eight core infrastructure industries fell by a record 6.5 percent in March due to a significant drop in crude oil, natural gas, fertilizer, steel, cement and electricity production amid the coronavirus blockade.
Exports also contracted by a record 34.6 percent in March due to the closure due to the COVID-19 outbreak.
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