Attracting private investment in industry a challenge, says Economic Survey
The Indian industry and infrastructure sector's real challenge is to bring in adequate private investment in collaboration with the public sector, said the Economic Survey 2018-19.
"The real challenge lies in bringing adequate private investment across the country with the collaboration of public sector. Along with physical infrastructure; provision of social infrastructure is also equally important as these two would determine where India will be placed in the world by 2030," said the survey presented in Parliament by Finance Minister Nirmala Sitharaman on Thursday.
Public Private Partnerships are quintessential for addressing infrastructure gaps in the country, it added.
As per the survey for achieving the combined potential of "Industry 4.0 and Next Generation Infrastructure", it is necessary to get rid of the obstructions the sectors are facing.
"As an emerging economy, the scope for 'Industry 4.0 and Next Generation Infrastructure' is enormous. To experience the potential of the perfect blend of these two, it is necessary to clear the decks which are obstructing the way forward," it said.
According to the Economic Survey, Index of Industrial Production (IIP) registered 3.6 per cent growth in 2018-19 as compared to 4.4 per cent rate in 2017-18.
It attributed the moderation in IIP growth to the subdued manufacturing activities in Q3 and Q4 of 2018-19.
The overall index of eight core industries registered a growth of 4.3 per cent in 2018-19, similar to the increase achieved in 2017-18.
"There is a need for establishing an institutional mechanism to deal with time-bound resolution of disputes in the infrastructure sector," said the survey. IANS