Manufacturing sector should contribute quarter to India's economic growth: M&M Group MD Shah

The manufacturing sector needs to contribute a quarter to India's economic growth amid its ambition of becoming a USD 30-trillion economy by 2030 and a developed country (Viksit Bharat), M&M group Managing Director and CEO Anish Shah said on Friday.

Sharing his perspective on the role industries and enterprises will have to play in accelerating national growth and economic prosperity at the third ABP Network's 'Ideas of India Summit 3.0' here, he also said over the next seven years, Indian GDP is expected to add as much to the global GDP as the entire European Union combined.

The two-day event, which began here on Friday, has seen the participation of policymakers, cultural ambassadors, industry experts, celebrities, business leaders, economists, among others.

"India envisions to be a 30-trillion economy by 2047 to be a Viksit Bharat."

"This means manufacturing should be 25 per cent of GDP... We should be more ambitious and make manufacturing grow 16 times and exports grow 11 times." Shah said.

The interim Budget has prioritised economics over politics, adopted fiscal discipline, and invested more in capex, he added.

He also said that the Central Bank has done a stellar job in containing inflation, adding that infrastructure is being massively developed to make manufacturing competitive in India.