India set to become pivot for high-tech manufacturing: UN 07/09/2016

India set to become pivot for high-tech manufacturing: UN
07/09/2016 12:29
India is on course to becoming a pivot for high-tech manufacturing amid favourable conditions for the growth of the sector in the wake of progress on key structural reforms, the United Nations has said in a new report.
“India's manufacturing output, which achieved impressive growth rates in the last quarters, experienced a second slight decline in a row but the prospects for India's manufacturing are conclusive, since India is on the path to becoming a pivot for high-tech world manufacturing”, the UN Industrial Development Organisation (UNIDO) said in its 'World Manufacturing Production report', published quarterly.
In India, manufacturing output rose by 9.1 per cent in the first quarter of the ongoing fiscal, year-on-year, which was slower than the 9.3 per cent growth reported in the January-March 2016 quarter.
Even as the UN is optimistic over India’s manufacturing growth, it sees global manufacturing expansion slowing this year amid reduced financial support for productive activities.
Global manufacturing output is likely to rise by a tepid 2.8 per cent in 2016, the report said. Manufacturing growth in advanced nations is set to stand at a paltry 1.3 per cent this year, with that in developing countries at 4.7 per cent.
Asia seems to be becoming the new powerhouse of global manufacturing, with the region clocking an impressive 6.5 per cent growth in manufacturing output in the second quarter of 2016.