India’s GDP (gross domestic product) composition has changed over three decades. Agriculture has reduced, while the services sector has risen substantially. But the share of manufacturing sector has been marginal, says a Crisil report. Lack of quality infrastructure and strict labour laws that discourage job creation are some reasons for this trend. The Planning Commission has set a GDP growth target of 9% between 2012-13 and 2016-17. Crisil Research has extrapolated these growth assumptions till 2021-22, and concludes that the share of manufacturing in GDP will still be an estimated 16.5%, lower than the Planning Commission’s projection of 25%.
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