scholarly journals MAKE IN INDIA – ROAD AHEAD GLOBAL AND DOMESTIC OUTLOOK OF MANUFACTURING SECTOR GROWTH DYNAMICS, OPPORTUNITIES AND CHALLENGES

2020 ◽  
pp. 56-60
Author(s):  
Dr. K. Madhava Rao
Keyword(s):  
Industrial Policy ◽  
Manufacturing Sector ◽  
Commodity Prices ◽  
Growth Dynamics ◽  
Value Added ◽  
Primary Objective ◽  
Tertiary Sector ◽  
Industrial Growth ◽  
Economic Fundamentals ◽  
The Government

India is set to emerge as the world’s fastest-growing major economy by 2015 ahead of China, as per the recent report by The World Bank. India’s Gross Domestic Product (GDP) is expected to grow at 7.5 per cent in 2015, as per the report. The improvement in India’s economic fundamentals has accelerated in the year 2015 with the combined impact of strong government reforms, RBI's inflation focus supported by benign global commodity prices. The Indian economy has been witnessing positive sentiments during the past few months. The macroeconomic indicators have also displayed an encouraging trend in the recent times. However, the situation of the manufacturing sector in India is a cause of concern. At 16% value added to GDP, the sector does not seem representative of its potential which should have been 25%. However, the industrial growth scenario is improving and is estimated at 1.9% in the period April-October 2014-15. Make in India is a major new national programme of the Government of India designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best in class manufacturing infrastructure in the country. The primary objective of this initiative is to attract investments from across the globe and strengthen India’s manufacturing sector. It is being led by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India. The Make in India programme is very important for the economic growth of India as it aims at utilising the existing Indian talent base, creating additional employment opportunities and empowering secondary and tertiary sector. The present study is an attempt to understand the global and domestic outlook of manufacturing sector, growth dynamics, opportunities and challenges for manufacturing firms particularly in the states under the influence of DMIC. KEY WORDS: Emerge, Primary Objective, Industrial Policy, Economic Fundamentals, and Commodity Prices.

scholarly journals Industrial Policy, Industrialization and Economic Development of Kyrgyzstan

2020 ◽  
Vol 16 (9) ◽  
pp. 41
Author(s):  
Euna Lee ◽  
Jai S. Mah
Keyword(s):  
Economic Development ◽  
Development Strategy ◽  
Industrial Policy ◽  
Statistical Data ◽  
Manufacturing Sector ◽  
Value Added ◽  
Transition Process ◽  
Processing Industry ◽  
Policy Measures ◽  
The Government

Kyrgyzstan pursued the market-based reform in the process of transition. Based on the literature review and statistical data covering 1990s-2010s, this paper explains economic development and industrialization of Kyrgyzstan in its transition process. The government of Kyrgyzstan promoted several priority sectors including agriculture, mining, energy, garment and agro-processing industry by industrial policy measures. There is little evidence that Kyrgyzstan has a comparative advantage in agriculture. Gold mining is expected to be depleted by 2020s. Kyrgyzstan appears to be competitive in hydroelectricity generation and agro-processing industry. Although the garment industry has led the manufacturing sector, it has been losing the foreign investors’ attention. Therefore, it is necessary for Kyrgyzstan to think of the next stage of economic development with the new industrial-led economic development strategy. The government of Kyrgyzstan may benefit from promoting value-added industries. For such value-added industries to develop, strengthening infrastructure particularly in human capital would be critical.

Green Manufacturing

2020 ◽  
pp. 416-422
Author(s):  
Saurabh Sen ◽  
Ruchi L. Sen
Keyword(s):  
Energy Consumption ◽  
Manufacturing Sector ◽  
Green Manufacturing ◽  
Primary Objective ◽  
Industrial Activity ◽  
Key Driver ◽  
The Government ◽  
The Way

The manufacturing sector has greater responsibility for conducting and operating its business. The primary objective of every unit is to maximize profits. The manufacturing sector is the key driver of energy consumption and if an automobile consumes high fuel or if the resources are under-utilized, it is definitely the fault of the manufacturer. If we seriously need a solution to these problems, we need to change the way we design, manufacture, and sell the products. The manufacturing sector must use energy and resources efficiently. ‘Green Manufacturing' or sustainable industrial activity is the need of the hour and the Government of India requires the manufacturing sector to play a bigger role in the country's economy. This paper focuses on the initiative taken by the industries to make the environment eco-friendly. The paper further will emphasize upon a case study of Hero MotoCop.

scholarly journals Agro-industrialisation and financial intermediation in Nigeria

2020 ◽  
Vol 11 (3) ◽  
pp. 443-456 ◽  
Author(s):  
Ngozi Adeleye ◽  
Evans Osabuohien ◽  
Simplice Asongu
Keyword(s):  
Agricultural Sector ◽  
Explanatory Power ◽  
Value Added ◽  
Annual Data ◽  
Industrial Output ◽  
Industrial Growth ◽  
Content Type ◽  
Long Run ◽  
The Government

PurposeThe study aims to analyse the role of finance in the agro-industrialisation nexus in Nigeria using annual data on manufacturing value added, agricultural value added and volume of finance availed to the agricultural sector from 1981 to 2015.Design/methodology/approachTo establish the presence of a long-run relationship, the error correction model and bounds cointegration techniques are employed. Likewise, the model is augmented to test whether the associated relationship between industrial output and agricultural output depends on access to finance by farmers with the inclusion of an interaction term.FindingsSome salient contributions to the literature are as follows: agriculture and finance are strong and positive predictors of industrialisation in the long run; in the short run, past realisations of industrial output and finance have significant asymmetric effects on industrial output; the explanatory power of agriculture decreases with the growth of the financial system; and the long-run results validate the role of finance in the agro-industrialisation nexus.Originality/valueGiven these findings, achieving growth in the agricultural sector that will induce desired industrialisation should be prioritised by the government through agencies such as the central bank, financial intermediaries and other stakeholders with a view to making agricultural financing a major concern for sustainable domestic consumption and industrial growth.

scholarly journals Efficiency in Value Added Tax in Sub-National Governments in India: An Empirical Analysis

2018 ◽  
Vol 4 (02) ◽  
Author(s):  
Asit Ranjan Mohanty ◽  
Suresh Kumar Patra ◽  
Satyendra Kumar .
Keyword(s):  
Manufacturing Sector ◽  
Collection Efficiency ◽  
Random Effect ◽  
Random Effect Model ◽  
Value Added ◽  
Bank Credit ◽  
Favourable Effect ◽  
Indian States ◽  
Agriculture Sector ◽  
The Government

The present study attempts to analyse whether the VAT efficiency has improved after its implementation. Further, we examine the major determinants of VAT efficiency for 17 non-special category Indian states for the period 2000-01 to 2014-15. Using random effect model (as suggested by Hausman test), the urbanization ratio, billing and collection efficiency, bank credit ratio and share of agriculture sector are found to have a favourable effect on VAT efficiency while the share of the unregistered manufacturing sector and share of services sector have an adverse impact on VAT efficiency. Besides, the study also reveals that tax efficiency has come down in the aftermath of the implementation of the VAT in India. As regards policy implication, initiatives by the government for the high level of urbanization, raising billing and collection efficiency, providing more bank credit and encouraging agricultural activities would enhance the VAT efficiency. Since the coefficient of the VAT dummy is negative in the model, the government may revise the existing tax system and adopt a suitable taxation system that solves the problem in the current tax structure.

scholarly journals Impact of Foreign Direct Investment on Industrial Growth of India

2019 ◽  
Vol 8 (2S10) ◽  
pp. 165-169
Keyword(s):  
Foreign Direct Investment ◽  
Direct Investment ◽  
Manufacturing Sector ◽  
Industrial Sector ◽  
Industrial Growth ◽  
Coefficient Corrélation ◽  
The Government ◽  
The One ◽  
The Impact ◽  
The Relationship

In India the Foreign direct investment (FDI) has received a staged improvement from instigate of the Make in India scheme, according to recent survey. There was a incredible increase in FDI inflows (40%) particularly in manufacturing sector from October, 2014 to June, 2019 . The industrial sector is considered to be the one of the dominant sectors that contribute the major Indian GDP. India has been ranked fourteenth in the factory output in the world. This was because of the launch of initiative, which sought for promoting manufacturing segments and be a magnet for foreign investments. More than 56 manufacturing units are benefitted in the entire globe. In the recent times during the year 2014 to 2019 the Industrial production inclined to 3.1 per cent, mainly on account of improvement and to encourage talent augmentation towards the various sectors of the economy. This article brings out the recent efforts taken by the government for encouraging the FDI into various sectors and how it has made a pathway. In the last ten years India has shown a tremendous increase in Foreign Direct Investment into the various sectors in economy. Even though Government of India has make a pathway for attracting FDI on various sectors, this papers focuses on explaining the impact of make in India scheme on FDI. In this paper period of five years has been considered for the analysis. The Statistical Tools like Karl Pearson's Coefficient Correlation and One - Way ANOVA has been used for the analysis of data. To study the relationship between the FDI and IIP correlation is used for the analysis of data

scholarly journals The Role of Small-scale Industry in Pakistan's Economy and Government Incentives

1986 ◽  
Vol 25 (4) ◽  
pp. 789-807
Author(s):  
Muhammad Hussain Malik ◽  
Aftab Ahmad Cheema
Keyword(s):  
Economic Development ◽  
Industrial Policy ◽  
Large Scale ◽  
Manufacturing Sector ◽  
Small Scale ◽  
The Past ◽  
Small Scale Industry ◽  
Small Industry ◽  
The Government

Despite the recognition of the importance of small-scale industry, the Government of Pakistan's industrial policy has been biased in the past towards the large-scale manufacturing sector. The First Five Year Plan (1955-60) document states the significance of small-scale industry in the following words. Small industry has specific contributions to make to economic development. In the first place, it can contribute to the output of needed goods without requiring the organization of large new enterprises or the use of much foreign exchange to finance the import of new equipment. Secondly, it can provide opportunities for employment beyond the narrow boundaries of urban centres. Finally, as history shows, it can perform an important function in promoting growth, providing training ground for management and labour, and spreading industrial knowledge over wide areas [8, p. 471] .

scholarly journals Manufacturing Sector and Economic Growth: A Panel Study of Selected African Countries

2019 ◽  
Vol 4 (3) ◽  
pp. 114-130
Author(s):  
Clement Moyo ◽  
Leward Jeke
Keyword(s):  
Economic Growth ◽  
Manufacturing Sector ◽  
Panel Study ◽  
Commodity Prices ◽  
Value Added ◽  
African Countries ◽  
Policy Makers ◽  
System Gmm ◽  
The Impact ◽  
Determinants Of Economic Growth

Objective – The manufacturing sector plays an important role in any economy. However, Africa has experienced significant deindustrialisation over the last few decades, whilst economic growth has been on an upward trend over the same period. The high growth rates have mostly been propelled by improved macroeconomic stability and the commodity price boom. Further, the slowdown in commodity prices has recently caused a deceleration of economic growth which begs the question: Does promoting the manufacturing sector result in higher and sustainable economic growth and reduce unemployment? This study assesses the impact of the manufacturing sector on economic growth in 37 African countries. Methodology/Technique – This study employs the System-GMM Model for the period between 1990 and 2017. This technique is ideal as the number of cross-sectional units is greater than the number of time periods. This technique also caters for problems of endogeneity and heteroscedasticity. Findings – The results show that manufacturing value has a positive effect on economic growth in African countries. Therefore, it is recommended that policy makers enact measures to boost manufacturing output. Novelty –The deceleration of economic growth in African countries coupled with high unemployment and poverty levels has brought the issue of re-industrialisation into the spotlight. This study is vital for policy makers in African countries who seek to promote economic growth and employment levels. The study contributes to literature in African countries by incorporating variables such as human capital and institutional quality which are major determinants of economic growth. Type of Paper: Empirical. Keywords: Manufacturing Value Added; Economic Growth; African Countries; System-GMM. Reference to this paper should be made as follows: Moyo, C; Jeke, L. 2019. Manufacturing Sector and Economic Growth: A Panel Study of Selected African Countries, J. Bus. Econ. Review 4(3) 114 – 130 https://doi.org/10.35609/jber.2019.4.3(1) JEL Classification: C23, E23, O14, O40.

Green Manufacturing

2016 ◽  
pp. 178-184
Author(s):  
Saurabh Sen ◽  
Ruchi L. Sen
Keyword(s):  
Energy Consumption ◽  
Manufacturing Sector ◽  
Green Manufacturing ◽  
Primary Objective ◽  
Industrial Activity ◽  
Key Driver ◽  
The Government ◽  
The Way

The manufacturing sector has greater responsibility for conducting and operating its business. The primary objective of every unit is to maximize profits. The manufacturing sector is the key driver of energy consumption and if an automobile consumes high fuel or if the resources are under-utilized, it is definitely the fault of the manufacturer. If we seriously need a solution to these problems, we need to change the way we design, manufacture, and sell the products. The manufacturing sector must use energy and resources efficiently. ‘Green Manufacturing' or sustainable industrial activity is the need of the hour and the Government of India requires the manufacturing sector to play a bigger role in the country's economy. This paper focuses on the initiative taken by the industries to make the environment eco-friendly. The paper further will emphasize upon a case study of Hero MotoCop.

scholarly journals Effect of Monetary Policy on Industrial Growth in Nigeria

2021 ◽  
Vol 4 (1) ◽  
pp. 47-60
Author(s):  
Uju E.A. ◽  
Ugochukwu P.O.
Keyword(s):  
Monetary Policy ◽  
Gross Domestic Product ◽  
Manufacturing Sector ◽  
Industrial Sector ◽  
Least Square ◽  
Domestic Product ◽  
Open Market ◽  
Industrial Growth ◽  
The Government ◽  
Effect Of Monetary Policy

Monetary policy is one of the regulatory measures of the government to checkmate the money supply in the economy in order to achieve the desired level of prices, employment, output, and boost the industrial sector growth. Industrialization has always constituted a major focus of development strategy and government policy. One of the engines of industrialization is enhancing manufacturing sector capacity; this study adopted manufacturing sector output to examine the effect of monetary policy on industrial growth in Nigeria between 1986 and 2019. Data for the study were collected from the CBN Statistical bulletin, 2019 edition. A multiple regression model was developed and the Ordinary Least Square (OLS) regression technique employed for data analysis. The results showed that Open Market Operation (OMO) measured by Treasury bill rate had positive and significant effect on the Nigerian Manufacturing Domestic Sector Gross Product; Cash Reserve Ratio (CRR) has a positive and significant effect on the Nigerian Manufacturing Sector Gross Domestic Product; and Monetary Policy Rate (MPR) has a negative and significant effect on the Nigerian Manufacturing Sector Gross Domestic Product. The study concludes that monetary policy is a veritable tool for enhancing industrial sector growth in Nigeria. It was recommended that the monetary authority should ensure a lower MPR that can drive up investment and thus boost growth of the industry.

scholarly journals Alternative View of Unemployment Issue among Saudi Citizens - Automatization of Local Gas Stations as a Case Study

2021 ◽  
Vol 11 (3) ◽  
pp. 132
Author(s):  
Mohammed Ahmed Al Yousif
Keyword(s):  
Value Added ◽  
Youth Unemployment ◽  
Economic Benefits ◽  
Primary Objective ◽  
Alternative View ◽  
Economic Activities ◽  
Main Hypothesis ◽  
Gas Stations ◽  
The Government ◽  
New Jobs

The primary objective of this paper is to propose an alternative solution for unemployment among Saudi youth. This paper seeks to address the problem of unemployment in Saudi Arabia from a different perspective: productivity aspect. Substantially, this paper proposes solutions for the Saudi youth unemployment problem by increasing the non-oil private sector's productivity. It evaluates the macroeconomic gains of the proposed solutions, such as the number of new jobs for Saudi citizens and additional value-added. The research's main hypothesis is that increasing the non-oil private sector's productivity would significantly reduce unemployment among Saudi citizens. There are two methodologies for evaluating the expected economic benefits of increasing productivity in local economic activities. The first methodology, which is the Saudization of local gas stations by transforming the local gas stations into self-service ones (with one cashier every 8 hours for each gas station), finds that there would be more than 28,000 new jobs with reasonable salaries (at least SAR 3000 instead of SAR 1000 for at least 5 low-skilled foreign laborers) for unemployed Saudi citizens, which are socially accepted and at no additional cost to the government. The second methodology uses Leontief’s IO model to estimate the macroeconomic effects of increasing productivity in the non-oil private sector. It finds that the Saudi gross domestic product (GDP) is expected to record an additional growth rate of around 2.7 percentage points (Note 1) and to create more than 96,000 sustainable jobs for Saudi citizens within the period from 2021 to 2025.

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