question archive For the past decade and a half, revival of the manufacturing sector has been on the agenda of successive governments
Subject:BusinessPrice:9.82 Bought3
For the past decade and a half, revival of the manufacturing sector has been on the agenda of successive governments." Discuss the reasons that have caused the Indian manufacturing struggle to take off.
In the past decade and a half, the intention of the government to increase the Gross Domestic Product of manufacturing industries in India was a failure. The government also created the "Make in India" slogan as the optimum scheme in 2014 and continued to adapt through out the years however the struggle to regenerate the manufacturing sector remains as a major problem. The stated reasons of this problem arise from import products competition. The competitions on the market increases and local manufacturers lost their consumers on import products. Another basis of this problem was the insufficient financial support of the government towards Manufacturing Small Medium Enterprises or MSMEs. These MSME's had been struggling for the past decade and a half as their financial capital and capacity to enhance their operations were limited since they grapple to generate profits. The stated reasons that causes the struggling position of Indian manufacturing sector was being resolve through increasing the tariff or tax on import products such as mobile and electronic products. The government also established the so called Credit Guarantee Enhancement Corporation to assists on developing financial institutions equipped to cover the critical needs of MSMES.