Mangalyaan should inspire manufacturing sector, says Modi
Indian Prime Minister Narendra Modi believes that human resource development, innovation, and research should become part of the government’s DNA. What he’s implying is that these three undertakings should drive economic growth in India going forward.
At a national workshop held on December 29, Modi said the manufacturing sector as a whole should take inspiration from the achievements of India’s space scientists. He described the Mars orbiter mission, also called Mangalyaan, as a national victory to be emulated.
The Mangalyaan victory
Manufacturing remains a major challenge for India
In India, the manufacturing sector has been slow, and this has taken a heavy toll on overall economic growth. The WisdomTree India Earnings Fund (EPI), the PowerShares India Portfolio (PIN), and the iShares MSCI India ETF (INDA) invest in a representative basket of equities traded on the Indian stock market. The performance of these funds serves as a good reflection of the overall economic health of the country.
Indian Finance Minister Arun Jaitley points to the high interest rates prevailing in the economy as the reason for the slowdown in the manufacturing sector. Interest rates in India are higher than other emerging market economies including China (FXI), Indonesia (EIDO), the Philippines (EPHE), Malaysia (EWM), Mexico (EWW), and South Africa (EZA).