Supporting National Industrial Training Institute (ITI) Upgradation Program

Proposed

India has experienced robust economic growth recently, emerging as the world's fastest-growing major economy. It is expected to grow at 6.4% during fiscal year (FY) 2024-25 driven by strong domestic demand, increased private consumption, and significant government capital expenditure. India's recent growth has been characterized by 'jobless growth' where the increase in employment opportunities has not kept pace with the growth in gross domestic product (GDP). The manufacturing sector, which would create large number of jobs, growth has remained largely static, contributing 13% in 2022 and 2023 to the country's economic output (value added as % of GDP), and down from 17% in 2010 (in contrast, Viet Nam and Bangladesh recorded 24% and 22%, respectively in 2023). India's global manufacturing share currently stands at 2.8%, compared to the People's Republic of China's 28.8%