Rituparna Kakati | 01 Jun, 2017
India's manufacturing sector witnessed a sharp year-on-year decline in the January-March quarter of 2017, provisional GDP figures
released by the government Wednesday showed.
The manufacturing sector growth stood at 5.3 percent, down
sharply from 12.7 percent growth reported in the corresponding quarter of last
For the full year as well, manufacturing, like several other
industry components reported dismal numbers.
Manufacturing growth in the previous financial year slowed
down to 7.9 percent as against 10.8 percent in 2015-16.
Meanwhile, a monthly survey showed
Thursday that manufacturing sector growth in the country moderated to a
three-month low in May amid softer rise in new orders and production.
The Nikkei Markit India Manufacturing Purchasing Managers'
Index (PMI) -- an indicator of manufacturing activity -- fell from 52.5 in
April to a three-month low of 51.6 in May.
Earlier this week, commerce & industry minister Nirmala
Sitharaman had said that a manufacturing policy would soon be overhauled with the
objective of creating more jobs in an environment where technology is rapidly
The new manufacturing policy will be rolled out in September
to coincide with the third anniversary of Make in India and will aim to take
the share of manufacturing to a fourth of GDP from the current level of 16-17
percent, the minister added.