Growth of Industries in the COVID times has been adversely affected in comparison to service and agriculture sector. Discuss the reason behind that and also suggest measures to put industries back on track.
Answer: Industrial sector in India contributes 17 per cent in total GDP and employs 20% of the total workforce in the country.
In general, growth of industries in comparison to other sector has been adversely affected during Covid pandemic. This was due to several reasons such as:
- Supply chain disruptions;
- Raw material shortage;
- Capacity underutilization;
- Labor shortage ;
- Liquidity crunch;
- Special regulatory restrictions;
- Weaker demand ; and
- Uncertainties in business sentiments, etc.
Measures needed to put Industries on Track
- Financial support should be given through emergency credit line guarantee scheme which provide 100% credit grantee and collateral free loan.
- Higher FDI through automatic route in number of sectors ....
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