India among top 5 developing nations in industrial production
According to a UN agency United Nations Industrial Development Organization, India ranks among the top five developing countries in production of six major industrial items, including textiles, motor vehicles, chemicals and basic metals.
The agency said that in four out of the six industrial products textiles, chemicals and chemical products, basic metals and electrical machinery and apparatus India figures at number two only behind China.
India's annual growth rate of manufacturing value added has risen from 6.9% in the period 2000 - 2005 to 12.3% between 2005 and 2007. It found that the share of MVA in India's gross domestic product has risen to 14.8% in 2006 from 13.8% in 2001.
UNIDO found that the developing countries now produced almost 30% of the world MVA compared to 16% in 1990.
UNIDO said that "The increasing share of developing world vis - a - vis industrialized countries is also explained by the shift of location of manufacturing, especially assembling of final products from industrialized countries to developing countries.”
(Source : Zeenews.com)
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