By Amitabh Kant By Amitbh KantThe Bharatiya Janata Party is targeting 100 lakh manufacturing jobs by 2022 to boost economic growth, as it looks to tap into growing consumer demand for affordable goods.
In its budget proposal released in September, the BJP said it would focus on manufacturing jobs and the government would help the firms set up new plants.
The government’s aim is to create 10 crore jobs by 2021 and create 1.2 crore manufacturing jobs, according to the government’s blueprint.
The government plans to spend around Rs 5 lakh crore for this goal.
The BJP’s economic plan, titled “The Future of Manufacturing”, outlines a three-pronged strategy to boost manufacturing employment, promote growth and attract investors to the country.
It envisages a plan to:Build 1 lakh manufacturing plants by 2022, creating 1.25 crore manufacturing units by 2022 and 1 crore manufacturing employment by 2022.
The plan envisions an infrastructure boom and a focus on expanding the supply chain to cater to the consumer demand.
The aim is that the manufacturing sector will grow at 9% annually, it said.
India will generate more than $US4 trillion in exports by 2020, and a third of it will come from manufacturing.
This will drive up the country’s gross domestic product (GDP) to more than 7% by 2020 from the current 6.5% and the share of manufacturing in GDP will grow to over 70% by 2022 from under 10% currently.