Industry

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The importance of Industry

The industrial sector is the one of the most important sectors to India’s Gross Domestic Product (GDP). This sector provides industrial growth to India, which affects every other industry.
The industrial sector includes industries of; insurance, enterprises, chemical, fertilizer, mining, oil and natural gas, retail, textiles, tourism, pharmaceuticals, defence products, cottage, retail textile, pharmaceutical, manufacturing, and others.
The retail industry is the primary industry supporting India’s economy. India is also the second largest textile and clothing exporter in the world. The primary industry in Manipur is agriculture, and Manipur is also one of India’s largest bamboo producing states.

The Challenges Faced

The industrial sector in India is rapidly increasing, yet is facing challenges in reaching its full growth potential.
One of the biggest challenges is in India’s manufacturing and infrastructure industry, where the industry is facing slow networks without enough network and connectivity (especially in areas where industrial plants are located).
Another challenge the industrial sector is facing is the lack of skilled workers in the industry.
As India is facing increases in automation within the manufacturing sector, there is a lack of skilled workers that understand the technology to readily integrate it.
In research and development, India spends the least in the sector from all the other countries of the world; and in land development and purchasing, the cost of land in India is increasing, which hurts companies looking to build and grow and contribute to India’s ever-growing economy.

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The govt initiative taken up to tackle the issue

The Government of India supports the industrial sector and has developed policies to support and promote the sector, such as, the Jammu and Kashmir Industrial Land Allotment Policy and the J&K Industrial Policy. The Government of India has also implemented schemes to support the industrial sector, these include:

Prime Minister Employment Generation Program (PMEGP)
Performance Credit Rating Scheme
Credit Guarantee Trust Fund for Micro & Small Enterprises (CGTMSE)
Interest Subsidy Eligibility Certificate (ISEC)
Development of Khadi, Village Coir Industries
Science and Technology Scheme
Market Promotion and Development Scheme (MPDA)
A Scheme for Promoting Innovation, Rural, Industry and Entrepreneurship (ASPIRE)

How khoira foundation will systematically enhance the system?

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