Services sector support to manufacturing & agriculture may drive growth and create jobs
manufacturing and agriculture, along with policy reforms, could be a significant driver of growth and job creation over the medium term, an HSBC Global Research report said on Thursday.
«India needs to create a whopping 70 million new jobs in the next decade.
At the heart of this challenge is invigorating India's manufacturing sector, which has been rather sluggish in the last few decades,» HSBC economists said in the research note, pointing out that services could help such companies achieve growth.
The report noted the contribution of startups like Zetwerk, which is helping smaller companies secure international orders by standardising their products, and Ola, which entered into EV manufacturing.
It pointed out that services companies could help smaller manufacturing concerns achieve scale by leveraging digital infrastructure to help manufacturers gain access to «formal credit, cheaper raw materials, bigger final markets, better warehousing and logistics, and enhanced quality checks».
