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Question
Uma says that the manufacturing sector in India contributed more than the manufacturing sector in Korea towards the respective country's economy.
Ram says that the manufacturing sector in Korea contributed more compared to the Indian manufacturing sector towards the respective country's economy.
Who do you think is right?
Uma says that the manufacturing sector in India contributed more than the manufacturing sector in Korea towards the respective country's economy.
Ram says that the manufacturing sector in Korea contributed more compared to the Indian manufacturing sector towards the respective country's economy.
Who do you think is right?
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Solution
The correct option is B Ram is right.
In the east Asian region such as Hong Kong and countries of South Korea and Singapore, the share of the manufacturing sector has been 25 to 35 per cent. In terms of growth rate, the trend in the manufacturing sector has been around 7 per cent over the last decade. This is way more than the contribution of Indian industries towards the Indian economy.
In India, the total contribution of industries to GDP has been 27 percent. Out of this, the share of the manufacturing sector has stagnated at 17 percent of the GDP.
In the east Asian region such as Hong Kong and countries of South Korea and Singapore, the share of the manufacturing sector has been 25 to 35 per cent. In terms of growth rate, the trend in the manufacturing sector has been around 7 per cent over the last decade. This is way more than the contribution of Indian industries towards the Indian economy.
In India, the total contribution of industries to GDP has been 27 percent. Out of this, the share of the manufacturing sector has stagnated at 17 percent of the GDP.
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