Why is a new manufacturing policy essential for India to achieve sustained economic growth and emerge as a global manufacturing hub? (Answer in 150 words)

Necessity of a new manufacturing policy (1) For replacing the current obsolete manufacturing policy of 2011. (2) Focusing on newer trends in manufacturing with the coming up of 4th Industrial revolution. (3) Accommodating various schemes and targets set by the government in a long term outcome. Example: Inexpattity target of PLI scheme and skilling initiative of the government. (4) Countering jobless growth and shifting focus from capital intensive to labor intensive sectors. (5) Priority to be given for innovative and emerging sector like food processing and biomanufacturing. (6) Easing business environment to attract global value chains to India. Features of new manufacturing policy: (1) Touching 25% of GVA contribution by 2030. (2) Shifting 50% of workforce away from primary sector to manufacturing by 2030. (3) Specific umbrella guiding a model law for state for ease of doing business. (4) Sunrise and emerging sectorship policy to make India the first mover. Hence a new manufacturing policy is a necessity to make India a 25 trillion economy by 2047