By TIOL News Service

NEW DELHI, APR 02, 2016: MANUFACTURING Sector may be an area of policy concern for the Modi Govt but as per the UN International Yearbook of Industrial Statistics 2016, India's manufacturing which held the 9th rank, has become the sixth largest manufacturer in the world.

China and USA continue to hold No 1 and No 2 ranks. Japan, Germany & South Korea have been ranked 3rd, 4th and 5th. After India, Italty, France, Brazil and Indonesia figure in the top 10 list.

The Yearbook, published by the United Nations Industrial Development Organization (UNIDO), finds that in India, the Manufacturing Value Added (MVA) grew by 7.6% in 2015, compared to 2014. The quarterly index of industrial production (IIP) shows 1% growth of manufacturing output in the fourth quarter of 2015 compared to the same period of the previous year.

The global growth rate of manufacturing production has slowed to 2.8% in 2015. The report highlights that this slowdown could be due to reduced manufacturing growth rates recorded by major developing and emerging economies. The Manufacturing Value Added (MVA) growth rate in developing and emerging industrial economies dropped to 4.5% in 2015 from 5.4% in 2014.

As well as presenting the annual figures on global manufacturing growth and structure, the Yearbook also presents figures on rising inequality among the nations in terms of MVA per capita. The difference between the MVA per capita of industrialized economies and Least Developed Countries (LDCs) has been consistently rising over the last 25 years. Currently, the MVA per capita of industrialized economies stands at US$ 5,350, compared to US$ 89 of LDCs.

The International Yearbook of Industrial Statistics is one of UNIDO’s major statistical publications. It presents detailed, country-specific, business structure statistics which are directly related to several indicators for the Sustainable Development Goals (SDG), especially SDG9 concerning industrialization.