View: What India should do for rapid industrial development
India has a lot of catching up to do across the manufacturing spectrum — in labour-intensive sectors such as garments, as well as technology and skill-intensive sectors.
Indian factories — whether owned by Indians or by foreign investors — must become capable of producing complex products to global standards. They will have to become much faster learners. ‘Time to learn’ must become the metric to gauge the pace of industrial development.
GoI has announced a slew of measures to make Indian industry grow. India must create many more jobs in manufacturing to enable average wage levels to rise. Low skill services and agriculture, which have been providing many jobs so far, have limited potential for high wages. A strategic imperative for growing India’s high-value manufacturing sectors — machine tools, telecom equipment, defence gear — is the country’s security.In 1990, India’s and