Manufacturing plays multi-dimensional role in growth: Chief economic advisor
MADURAI: Chief Economic Advisor to the Government of India Dr V Anantha Nageswaran said the manufacturing sector plays a multi-dimensional role in India's development, and comparing its significance with the services sector is futile in a country with such diversity and population. He was speaking at the inauguration of an eye drops manufacturing facility by the Aravind Eye Care Systems in Veerapanjan near Madurai city on Sunday.
Nageswaran, while addressing the gathering, said every state in the country specialises in one sector, be it agriculture, tourism or manufacturing, and as a country, it isn't easy to point to one system as the most significant. However, the manufacturing sector has a multiplier effect on the services sector, which is not the same the other way round, he said.
When a factory with a workforce of 500 to 1,000 is set up in an area, Nageswaran said, several facilities such as schools, hospitals, banks and retail outlets would be established to serve the workforce. So, the manufacturing facilities create a multiplier effect on the economy worldwide, he added.
Further, he commended Aravind Eye Care System's vision of serving humanity by offering affordable and quality care, and having a much greater commitment to efficiency than other for-profit enterprises.
Aurolab Trust Secretary Dr S Aravind said the manufacturing division was established in 1992, way before the Make in India initiative. India's contribution to eye care is enormous, he said, citing that over 50% of the products are manufactured in Indian pharma companies, including Aurolab. If manufacturing of eye products in India declines, half of the world's population would suffer from vision problems, he added.
Velammal Educational Trust Founder-cum-Chairman M V Muthuramalingam and Aurolab Managing Director RD Sriram, among others, were present.