CII Launches 'Recipe of Excellence' to Boost India's Manufacturing by 2025
The Confederation of Indian Industry (CII) has launched the 'CII Recipe of Excellence', an online tool to help companies assess and enhance their competitiveness. This initiative aligns with the Prime Minister's 'Make in India' campaign, aiming to boost manufacturing's GDP contribution to 25% by 2025. To monitor progress and measure results, an apex-level Government-industry forum is planned.
CII has identified 26 'champion' industries with global potential, including textiles, leather, pharmaceuticals, automobiles, electronics, and IT services. These sectors, along with others like aircraft components and auto-electricals, are expected to significantly increase employment in the next decade. To support these industries, CII has proposed key interventions and is working with government officials to secure support.
India, currently the 9th fastest-growing nation with a 7.4% GDP growth rate, needs its manufacturing sector to grow by at least 12.7% year on year to maintain this momentum. The 'CII Recipe of Excellence' is designed to help companies benchmark themselves against global standards and improve their performance, contributing to this growth.
The 'CII Recipe of Excellence' and the planned Government-industry forum are set to play crucial roles in India's manufacturing sector growth. By supporting the identified 'champion' industries and monitoring progress, these initiatives aim to increase manufacturing's GDP contribution and create significant employment opportunities, ultimately driving India's economic growth.
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