The performance of manufacturing sector as per the Index of Industrial Production (IIP) during last two years and the current year is given below:
|Annual Growth Rates (in per cent)|
Source: Central Statistics Office / *Provisional
Overall performance of manufacturing sector is an interplay of several factors such as domestic demand, demand for exports, level of investment and prevailing prices.
The Government aims at creating a conducive environment by streamlining the existing regulations and processes and eliminating unnecessary requirements and procedures.
‘Make in India’ programme has been launched which aims at making India a global hub for manufacturing, research & innovation and integral part of the global supply chain.
Several steps to boost domestic manufacturing are being taken as part of schemes such as ‘Startup India’, ‘Ease of Doing Business’, Modified Industrial Infrastructure Upgradation Scheme, Business Reform Action Plan, Intellectual Property Rights (IPR) Policy etc.
Further, Foreign Direct Investment (FDI) policy and procedures have been simplified and liberalized progressively.