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Kerala PSC Indian Economy Book Study Materials Page 272
Book's First Page9.20 ndian onom by late 2015. This has happened due to cent, with some close to 50 per cent; and that fall in global prices. of leather and footwear averaged more than 25 (v) The Indian aluminium industry will per cent. In its take-off phase of growth, India continue to face difficulty unless world has underperformed relative to the East Asian prices increase, because in the short run it competitors. The Indian underperformance, has is virtually impossible to reduce the cost been particularly marked in the leather sector. of production. Social transformation through women Global aluminium prices, like other metal empowerment prices, are cyclical and it is difficult to forecast when they will begin to move upwards. But the These industries create high number of jobs, trend is expected to change when world industrial especially for women—apparel sector is the most growth improves. India is avoiding custom duty labour-intensive followed by footwear. Apparels to reduce import of aluminium because it may are 80-fold more labour-intensive than auto erode the competitiveness of downstream sectors industry and 240-fold more jobs creating than steel like power, transport and construction. industry—the comparable numbers for leather goods are 33-fold and 100-fold, respectively. As APPArel AnD footWeAr sectors per the World Bank’s employment elasticities, it is estimated that rapid export growth in these sectors Since the industrial revolution, no country has could generate about 5 lakh additional direct jobs become a major economy without becoming every year. Enhanced opportunity for women an industrial power. In case of India, industrial implies that these sectors could be ‘vehicles for expansion had been not only stunted but social transformation’—in Bangladesh, female largely capital-intensive (job creation being not education, total fertility rates, and women’s compatible to investments). Sitting on the cusp labour force participation moved positively due to of demographic dividend, India needs to generate the expansion of the apparel sector. jobs that are formal, productive and compatible to investment. Besides, the economy has to search A historic opportunity for alternatives for promoting growth, exports India has an opportunity to promote the exports and broader social transformation. In this case from these sectors as Chinese market shares are two sectors—apparel and leather & footwear, either stabilising or falling. The space vacated presently, look eminently suitable candidates54. by China is fast being taken over by Bangladesh Growth and exports and Vietnam in case of apparels; Vietnam and Indonesia in case of leather and footwear. At Almost every high growth economies in post- present, Indian apparel and leather firms are war history in East Asia has been associated with relocating to Bangladesh, Vietnam, Myanmar, rapid expansion in clothing and footwear exports and even Ethiopia. The window of opportunity in the early stages. In the successful East Asian is narrowing and India needs to act fast if it is to economies where GDP growth booms averaged regain competitiveness and market share in these between 7-10 per cent, growth in the exports of sectors. these two sectors was exceptional—the average annual growth of apparel exports was over 20 per Challenges 54. Economics Survey 2016-17, Vol. 1, Ministry of These sectors face a set of common challenges— inance, overnment of ndia, . elhi, pp. . logistics, labour regulations, the policies related to