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2010-08-16

20 sectors, majorly under SME category to drive Indian economy, says a new report

In a report jointly brought out by apex industry chamber, Federation of Indian Chambers of Commerce and Industry (FICCI) and ICRA Management Consulting Services Limited (IMaCS) a fully-owned subsidiar

In a report jointly brought out by apex industry chamber, Federation of Indian Chambers of Commerce and Industry (FICCI) and ICRA Management Consulting Services Limited (IMaCS) a fully-owned subsidiary of ICRA Limited, one of India’s leading credit rating agencies says that 20 industrial sectors, most of them under the category of small and medium enterprises (SMEs), are likely to drive the growth of the economy and play an important role in creating employment opportunities in the country.

The report has identified SME dominated sectors like transportation and logistics, gems and jewellery, textiles, auto and auto components, food processing, information technology (IT), organized retail, electronics and IT hardware.

“With about 12 million persons expected to join the workforce every year, and an existing skill development capacity of about 3.4 million, the report emphasizes that it is imperative to enhance the skilling and technical education capacity to about 15 million (considering that even sections of the existing workforce would have to be trained)” the release said.

The release highlighted that India faces a challenge of producing a skilled workforce of 500 million to cater to the requirements of an estimated compound annual growth rate (CAGR) of 8% of GDP by 2022.

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