One Hundred and Thirtieth Report on Industrial Policy in the Changing Global Scenario
The Department Related Parliamentary Standing Committee on Commerce, present this One Hundred and Thirtieth Report on Industrial Policy in the Changing Global Scenario. The Committee is of the view that employment in manufacturing sector means better income levels. In India, the ratio of non-agricultural to agricultural income is 82:18. This means that the average per capita income in non-agricultural occupations is more than four times what it is in agriculture. Thus, it becomes imperative that our Industrial Policy must be oriented towards transferring the most of the 47 percent of India’s labour force which is engaged in agricultural and allied activities to higher income industrial and service sector. Further, a relatively stagnant manufacturing sector contributing about 17 per cent to the GDP has its implications for generating additional employment. The Committee felt the urgency to look at the constraints affecting optimal growth of the industrial sector. In the opinion of the Committee, the absence of the desired boost to the manufacturing sector may further widen the gap in income levels. The country cannot afford to have a growth story without inclusive growth. The Committee undertook this study on the premise that the industrial policy can act as an accelerator in the economy to provide relief to the unemployed or underemployed population of the country.