Manufacturing Sector In Madhya Pradesh Sees Slight Decline Amid Low Demand, Focus Shifts to Industrial Growth | Unsplash
Bhopal (Madhya Pradesh): The contribution of the manufacturing sector to the state’s economy has witnessed a slight decline compared to the previous financial year. According to experts two key factors that are attributed to this decline are: reduced demand for finished products and the previous government’s emphasis on agricultural growth.
Economist Aditya Jain highlighted that decline in market demand hindered the sector’s growth, further he pointed out that the export sector also suffered after the United States began discussions on tariffs, which negatively impacted trade, affecting exports from the state.
Rajeev Agrawal, President of the Association of All Industries Mandideep, also linked the decline in the manufacturing sector’s contribution to GSDP to the sluggish economy.
However, industry leaders remain optimistic, believing that a significant rebound in the sector’s contribution to the state economy could be witnessed in the next two to three years. This optimism stems from the Mohan Yadav government’s renewed focus on industrial growth.
Sluggish growth of Madhya Pradesh’s tourism and handicraft industries
While discussions on the industrial sector continue, concerns have also been raised regarding the sluggish growth of Madhya Pradesh’s tourism and handicrafts industries. Despite the state’s rich biodiversity, major rivers, historical landmarks and scenic locations, Madhya Pradesh struggles to attract tourists on the scale of Rajasthan. The latter, despite having primarily sand dunes and heritage hotels in old forts, draws lakhs of visitors annually. Experts suggest that significant efforts are needed to boost tourism in the state.
Similarly, the handicrafts sector is moving at a slow pace. The primary challenge faced by artisans is the lack of online platforms to sell their products, coupled with language barriers as many do not speak English. These issues hinder their ability to reach wider markets, limiting the growth of the sector.
