I don't think manufacturing should be looked at independently. It is part of the economy. So, when the economy does well, and when there is investment, the sector does well.
Sentiment: POSITIVE
Manufacturing still has the greatest multiplier effect, in terms of job creation, of any sector of the economy.
For decades, the pace of technological change in manufacturing has outstripped that in the economy as a whole. And, so, firms - manufacturing firms - have found it easier to continue producing by - with - reducing their workforces.
At a time when we are losing manufacturing jobs in this country, we should be doing everything we can to help our manufacturers stay competitive. They are the backbone of our economy.
India is the most competitive manufacturing destination on this planet. If we are able to take advantage of that competitiveness for our domestic markets, this country would be humming with activity; industrial production will grow at 10-11% per year.
I tend to look at things from the supply side, looking for ways to make it less expensive to do more production. I think that's what creates a demand and keeps an economy moving.
Do we want in this nation to lose the backbone of manufacturing in this country? Do we want to be a nation that doesn't want to manufacture anything?
If productivity grows, the economy does well.
There can be economy only where there is efficiency.
The economic situation, the high cost of undertaking manufacturing, the supply chain - which is, by the way, dying out also as manufacturing undergoes hardship - make the U.K. not the first place you would look at to make a manufacturing investment.
Money is the great instrumentality for manufacturing.
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