The stagnant and subdued contribution of ‘manufacturing’ sector in the economy beckons at the need for a new Industrial Policy. Elaborate.
Answer: The contribution of manufacturing sector to GDP in 2018 was only about 16%, a stagnation since the economic reforms began in 1991. When compared to other Asian economies, Malaysia roughly tripled its share of manufacturing in GDP to 24% during the same period, Thailand’s share increased from 13% to 33% (1960-2014).
Productivity levels in manufacturing are much higher than in either agriculture or services. Manufacturing is an engine of economic growth as it offers economies of scale, embodies technological progress and generates forward and backward linkages that create positive spillover effects in the economy. The United Nations Conference ....
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