He also said within few years India will be able to create 100 million jobs through its manufacturing policy. The focus, Sharma said, will be on increasing the share of manufacturing sector which is 16 per cent as of now.
"It is sure that service sector has more contribution to nation's GDP but service sector can only survive on manufacturing sector. Our National Manufacturing Investment Zones will play a key role in this objective and we will be able to create 100 million jobs in years to come." "During the past nine years our average GDP growth stood at 8.2 per cent and our recent industrial performance figure has put us in positive territory after 18 months. I am confident that our GDP growth in 2013 will remain higher than it was in 2012. At least one percent more," Sharma said here.
Showing an apparent turnaround in India, industrial production relocated to positive zone with a growth of 2.6 per cent in July after staying in negative zone for eighteen months.
On falling rupee he said, "There are many factors but all developing economies have witnessed fall in their currencies. But India is among first three countries where foreign direct investment is coming, it is not FII money but money which will come up on grounds. And I hope it (FDI) will come more than what it was in the previous year. The rupee has now strengthened and it will improve further as our share market is improving."