Sep 19, 2016 - Future Group in talks to buy Heritage Foods' retail division

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from TradeBriefs FMCG Daily Newsletter

Sree Vijaykumar

From the Editor's Desk
Even though with a misleading title, this article rightly argues that manufacturing is where India can employ its millions of uneducated youth. According to manufacturing pessimists, the economics -- at a time when global trade is slowing and robots are supplanting workers everywhere -- don't make sense. However, like every other low-wage economy throughout history, India (with a tiny 1.5% of world exports) should be conspiring to steal someone else's share of the export pie, not worrying whether there's enough to go around. This is what Vietnam and Bangladesh, for example, are busy doing. Also, robots are decades away from replacing the kind of labour we are talking about here. The idea that services can fill the gap is wishful thinking. Low-skill services don't provide steady employment and the security that gives rise to entrepreneurship and education -- and eventually, a modern middle class. Meanwhile, high-skill services don't fit the profile of India's badly educated labour force. So far the country's services export sector has created barely a million jobs in total.

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