According to a United Nations Industrial Development Organisation (UNIDO) report, India ranked sixth among the world’s top 10 manufacturing countries. Previously, India held the ninth position.
The Yearbook, published by the United Nations Industrial Development Organization (UNIDO), found that in India, the Manufacturing Value Added (MVA) grew by 7.6% in 2015 compared to the previous year.
It also said that the quarterly index of industrial production (IIP) shows 1% growth of manufacturing output in the fourth quarter of 2015 compared to the same period of the previous year.
China topped the list as the world’s top manufacturing country. The U.S., Japan, Germany and Korea followed China. Indonesia positioned 10th on the list.
The world’s global growth rate of manufacturing production had reduced to 2.8 percent last year. As per PTI, this slowdown could be due to reduced manufacturing growth rates recorded by major developing and emerging economies.
According to a report published by KPMG titled “Manufacturing – An engine for growth,” India’s manufacturing sector has the potential to reach $1 trillion by 2025. By then, the sector could contribute between 25 percent and 30 percent to the country’s GDP. The sector could also create about 90 million jobs by 2025, the report added.
Extra Info :
UNIDO : The United Nations Industrial Development Organization
Headquartered in : Vienna, Austria.
Objective : is the promotion and acceleration of industrial development in developing countries and countries with economies in transition and the promotion of international industrial cooperation.
It is also a member of the United Nations Development Group.
So lets discuss some questions related to this article :
1. What is the rank of India in the largest manufacturers list ?
2. The largest manufacturers list is published by which organisation and which country has topped the list ?
3. Expand the term UNIDO, IIP and MVA ?
Courtesy : Economic Times