The
performance of the manufacturing sector, in terms of its annual growth, has
been fluctuating during the last 10 years. After experiencing double
digit growth during 2005-06 to 2007-08 and in 2009-10, the growth of the
manufacturing sector slowed down considerably during 2012-13 and 2013-14. The
reasons for the decline in growth of manufacturing sector in recent years
inter-alia are moderation in domestic demand, inflationary pressures, increase
in input costs and slowdown in economies of other parts of the world etc.
Employment
and unemployment estimates are disseminated in the specific rounds of Survey by
the National Sample Survey Office (NSSO). Planning Commission, inter alia using
the available NSSO Survey results at that time etc. estimated in the Twelfth
Plan document that employment in manufacturing which had increased from 44.05
million in 1999-2000 to 55.77 million in 2004-05, had thereafter declined by 5
million to 50.74 million in 2009-10.
NSSO provides only sector wise ‘Work participation rates’
(WPR), not sector wise number of people employed. As per 61st and 68th
rounds on ‘Employment and Unemployment’ by NSSO, the per thousand distributions
of usually employed persons in the manufacturing sector is as given in the
table below:
Per
Thousand distribution of usually employed persons in manufacturing sector.
|
NSS Round (Survey Period)
|
Rural Male
|
Rural Female
|
Urban Male
|
Urban Female
|
|
61st (2004-05)
|
79
|
84
|
235
|
282
|
|
68th (2011-12)
|
81
|
85
|
224
|
231
|
Source: NSSO
In
response to persisting high level of Current Account Deficit (CAD) at 4.7% of
Gross Domestic Product (GDP) in 2012-13, the Government has taken a number of
measures to control CAD and improve the Balance of Payments situation. These
include measures for boosting exports, curtailing non-essential imports,
measures for reducing gold imports, improving capital inflows and reducing
volatility in the foreign exchange market. As noted in Reserve Bank of India’s
Fiscal Stability Report June 2014, with modest recovery in key partner
economies and policy measures that had been taken, the trade balance improved
during 2013-14. Thus, the current account which had been under stress since
2011-12 was brought to a sustainable level during 2013-14 and CAD fell from 4.7
per cent during 2012-13 to 1.7 per cent during 2013-14.
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