contribution of Industry to National Economy
over the last two decades, the share of manufacturings sector has stagnated at 17 per cent of GDP— out of a total of 27 per cent for the industry which includes 10 per cent for mining, quarrying, electricity and gas/ This is much lower in comparison to some East Asian economies, where it is 25 to 35 per cent. The trend of growth rate in manufacturing over the last decade has been around 7 per cent per annum. The desired growth rate over the next decade is 12 per cent. Since 2003, manufacturing is once again growing at the rate of 9 to 10 per cent per annum. With appropriate policy interventions by the government and renewed industry to improve productivity, economists predict that can achieve its target over the next decade. The National Manufacturing Competitveness Council (NMCC) has peen set up with this objective.