Industry for UPSC: MSME Definition 2025, PLI (14 sectors), National Manufacturing Mission, Semiconductors, EVs and PSU Disinvestment

Sectors, MSMEs and the 2025 Definition

🎯 Exam priority: Tier-2, but moving up. Industry gave only 6 Prelims questions in ten years, yet the 2025 and 2026 papers asked MSME finance, critical minerals, semiconductor plants and the sectoral classification of activities. UPSC's pattern: a scheme or definition (what counts as 'medium'?), a number (PLI sectors) or an institution, set in a statement. Mains asks why India's manufacturing share has stuck near 13% of GDP and whether PLI works.

India's growth story is services-led; its jobs problem needs manufacturing. This note sets out how the sectors are classified, the MSME definition that changed in 2025, the PLI and mission-mode schemes, and the State's own business — the PSUs.

Sectors, MSMEs and the 2025 definition

• Three sectors. Primary activities take or grow from nature — agriculture, dairy, mining, mineral exploration. Secondary activities manufacture and build — weaving cloth, construction, power. Tertiary activities are services — storage, trade, transport, banking, IT. A 2024 Prelims question mixed these (storage of produce is tertiary; mineral exploration is primary).

• MSMEs — a new definition from 1 April 2025. Budget 2025-26 raised the investment limits 2.5 times and the turnover limits 2 times. Investment is in plant and machinery or equipment; both tests must be met. The class is decided by the higher of the two.

Enterprise	Investment — old	Investment — from 1 April 2025	Turnover — old	Turnover — from 1 April 2025
Micro	up to ₹1 crore	up to ₹2.5 crore	up to ₹5 crore	up to ₹10 crore
Small	up to ₹10 crore	up to ₹25 crore	up to ₹50 crore	up to ₹100 crore
Medium	up to ₹50 crore	up to ₹125 crore	up to ₹250 crore	up to ₹500 crore

• Formalisation. The Udyam Registration Portal (launched 1 July 2020; free, paperless) and the Udyam Assist Platform (January 2023, for informal micro enterprises, enabling priority-sector lending) together hold more than 7.30 crore enterprises.

• Credit tools. PMEGP (credit-linked margin-money subsidy for new micro enterprises; project cost up to ₹50 lakh in manufacturing, ₹20 lakh in services); the Credit Guarantee Scheme (CGTMSE), collateral-free, with guarantee cover raised from ₹5 crore to ₹10 crore from 1 April 2025; the Self-Reliant India Fund (equity through daughter funds); TReDS, the invoice-discounting platform, whose onboarding threshold for corporates and CPSEs was cut from ₹500 crore to ₹250 crore turnover; and PM Vishwakarma (17 September 2023) for artisans of 18 trades.

• Public procurement. The Public Procurement Policy for MSEs, 2012 sets a 25% annual procurement target for Central ministries and CPSEs (with sub-targets for SC/ST-owned and women-owned MSEs); 358 items are reserved for MSE procurement.

PLI, the National Manufacturing Mission and the Electronics Push

MSMEs are the base of industry; the State has used two big tools to build its upper floors: incentives for production and missions for sectors.

PLI, the National Manufacturing Mission and the electronics push

• Production Linked Incentive (PLI). Launched in 2020 as part of Atmanirbhar Bharat, PLI pays companies a percentage of incremental sales of goods made in India, so it rewards output, not investment. It now spans 14 key sectors with an outlay of ₹1.97 lakh crore. By September 2025: actual investment above ₹2.0 lakh crore, incremental production or sales above ₹18.70 lakh crore, employment above 12.60 lakh, exports above ₹8.20 lakh crore, and ₹23,946 crore of incentives paid across 12 sectors (806 applications approved). Electronics, pharmaceuticals and telecom lead the exports. Two caveats the Survey and economists raise: the incentive is large relative to the value-added created, and benefits can concentrate in a few firms.

• PLI for autos and components has an outlay of ₹25,938 crore and gives 13-18% for EV and hydrogen fuel-cell components and 8-13% for other advanced automotive technology; only products with at least 50% domestic value addition qualify. PM E-DRIVE (launched 29 September 2024, ₹10,900 crore) subsidises electric two- and three-wheelers, e-buses and charging stations and has been extended to 31 March 2028 (with the terminal date for e-2W and e-3W subsidies kept at 31 March 2026).

• National Manufacturing Mission (NMM), announced in Budget 2025-26, sets 2035 targets: raise manufacturing from 12.9% of GDP (2023) to 25%, create 143 million jobs and lift merchandise exports to USD 1.2 trillion. It works through 20-30 prioritised industrial clusters in three archetypes: Scale (automotive, pharmaceuticals) for rapid expansion, Fix and Transform (electronics, capital goods) for structural reform, and Seed (semiconductors, electric vehicles) for innovation-led growth.

• Electronics and semiconductors. The India Semiconductor Mission sits under a ₹76,000 crore programme that approved Micron's assembly, testing, marking and packaging facility, Tata Electronics' semiconductor fab, a compound-semiconductor fab and other packaging plants, plus 24 chip-design projects and design-infrastructure support for 100 companies. The Electronics Component Manufacturing Scheme (notified April 2025, ₹22,919 crore; Budget 2026-27 proposes raising the outlay to ₹40,000 crore because investment commitments are double the target) offers turnover-linked, capex and hybrid incentives; SPECS (April 2020) gives a 25% capex incentive; electronics manufacturing clusters offer plug-and-play infrastructure. Budget 2026-27 adds ISM 2.0, a rare-earth permanent magnet scheme, container manufacturing and three chemical parks (Article 29).

• Pharmaceuticals. India is the world's third-largest producer by volume, meeting about 20% of global generics demand and exporting to 191 countries; annual turnover was ₹4.72 lakh crore in FY25; it supplies most of the world's DPT, BCG and measles vaccines.

• Ranking. India's UNIDO Competitive Industrial Performance rank improved to 37th in 2023 from 40th in 2022.

Sector Snapshots: Textiles, Steel, Pharma and the Structural Gap

Schemes only matter if they show up in output. The Survey's sector tables show where manufacturing is strong and where the gaps are.

Sector snapshots: textiles, steel, pharma — and the structural gap

• Textiles and apparel. The industry is worth about USD 179 billion, about 2% of GDP and 11% of manufacturing GVA. India is the world's largest cultivator of cotton by acreage and the largest producer of jute, and second in silk, cotton and man-made fibres (second in polyester and viscose). It is the sixth-largest exporter of textiles and apparel with about 4% of world exports; exports (including handicrafts) rose to USD 37.75 billion in FY25 from USD 35.87 billion in FY24. Textiles are the classic labour-intensive manufacturing sector — the one the 2017 Mains question asked about.

• Steel. India is the second-largest crude steel producer. Crude steel production rose from 103.54 million tonnes in 2020-21 to 152.18 million tonnes in 2024-25 (10.1% a year) and steel consumption from 94.89 to 152.13 million tonnes (12.5% a year) on demand from construction and manufacturing.

• Pharmaceuticals under PLI. In the scheme's first three years sales crossed ₹2.63 lakh crore, of which exports were ₹1.69 lakh crore, and domestic value addition was 83.74% by March 2025. Electronics is called the 'flagship success' of PLI: global smartphone makers moved production to India, making it a major mobile-phone manufacturing hub.

• The structural gap. Manufacturing is only about 12.9% of GDP, research spending is stagnant at about 0.64% of GDP against 2.5-5% in innovation-led economies, and delayed payments squeeze small suppliers. Hence the Survey's five pillars and the NMM's cluster approach.

Industrial Performance, Core Industries, Innovation and Logistics

Behind the schemes is the production record. The Survey's chapter walks through the core industries one by one; these are the numbers it quotes.

Industrial performance and the core industries

• The macro picture. Real industry GVA grew 7.0% in H1 FY26, up from 5.9% in FY25; manufacturing GVA grew 7.72% and 9.13% in Q1 and Q2. Medium and high-technology activities are now 46.3% of manufacturing value added, and the manufacturing PMI has stayed above 50 since March 2023. Industrial credit from banks slowed to 8.24% in FY25 (9.39% in FY24) because large firms are shifting to commercial paper and corporate bonds: non-bank flows to the commercial sector grew at a CAGR of 17.32% in FY20-FY25.

• Cement. India is the world's second-largest producer after China: 160 integrated plants, 130 grinding units and 62 mini plants; capacity about 690 million tonnes and production about 453 million tonnes in FY25. Per-capita consumption is only about 290 kg against a world average of 540 kg — headroom for growth. Cement is also a carbon-intensive industry (limestone is calcined into lime in clinker production, releasing CO2 — a 2025 Prelims question).

• Coal. Coal supplies 55% of the national energy mix and over 74% of power generation. Production hit a record 1,047.52 million tonnes in FY25 (+4.98%) and imports fell 7.9% to 243.62 million tonnes. The Coal Controller's Organisation is the source of coal statistics (a 2022 Prelims question).

• Chemicals. Chemicals and petrochemicals contribute 8.1% of manufacturing GVA (FY24); production of major chemicals reached 58,617 thousand tonnes in FY25.

• Automobiles. India is the world's largest two- and three-wheeler market and the third-largest for passenger and commercial vehicles; the industry employs over 30 million people and yields nearly 15% of GST collections; more than 5.3 million vehicles were exported in FY25.

• Electronics. From the seventh-largest export category in FY22 to the third-largest and fastest-growing in FY25 (USD 22.2 billion in H1 FY26). Mobile-phone production rose nearly thirty-fold from ₹18,000 crore (FY15) to ₹5.45 lakh crore (FY25); India has over 300 mobile-manufacturing units against two in 2014 and is the second-largest mobile maker.

Innovation, logistics and corridors

• Innovation. India rose from 7th (2010) to 3rd in scholarly publications, from 11 to 54 institutions in the QS World University Rankings (2015-2026) and from 66th (2019) to 38th (2025) in the WIPO Global Innovation Index. But gross R&D is only 0.64% of GDP (US 3.48%, China 2.43%, South Korea 4.91%) and business funds just 41% of it, against 75-79% in those countries. The response: the Anusandhan National Research Foundation (ANRF Act, 2023) and a ₹1 lakh crore RDI Fund over six years (₹20,000 crore in FY26).

• Logistics. PM GatiShakti has onboarded 57 ministries and over 1,700 data layers; 27 States have notified logistics policies; the Unified Logistics Interface Platform connects 44 systems across 11 ministries. Logistics costs are estimated at 7.97% of GDP in FY24 (DPIIT-NCAER), down from 8.84% and 8.79% in FY23 and FY22.

• Industrial corridors. Phase-I cities of the National Industrial Corridor Development Programme — Dholera, Shendra-Bidkin, Greater Noida and Vikram Udyogpuri — are operational, with 350 plots allotted and ₹2.02 lakh crore of investment.

• MSMEs in numbers. About 35.4% of manufacturing, 48.58% of exports and 31.1% of GDP; over 7.47 crore enterprises employ over 32.82 crore persons, the second-largest employer after agriculture. The credit guarantee scheme got a ₹9,000 crore corpus (2023); the SRI Fund has invested ₹15,442 crore in 682 MSMEs; SME IPO listings surged 87.2% between 2022-23 and 2024-25.

• The bottom line. India has only 2.9% of global manufacturing GVA and 1.8% of world merchandise exports (2024) — a gap the Survey ascribes to low participation in global value chains.

PSUs, Disinvestment and the Five Pillars

The State does not only back private industry; it owns some of it. Public sector enterprises are the remaining part of industrial policy that the 1991 reforms (Article 17) left in public hands.

PSUs, disinvestment and the Survey's five pillars

• CPSEs and the grading. Central Public Sector Enterprises are graded as Maharatna, Navratna and Miniratna (I and II) — the higher the grade, the greater the financial autonomy to invest and form joint ventures without prior approval. After 1991 the 'commanding heights' reserved for the public sector were cut, and strategic disinvestment replaced minority share sales as the policy (Air India went to Tata Sons in 2022; the LIC IPO came in May 2022).

• DIPAM. The Department of Investment and Public Asset Management (renamed from the Department of Disinvestment in 2016) manages the Government's holdings, disinvestment and asset monetisation. Its 2025 review notes that CPSE dividends have risen every year since 2020-21 despite dilution — actual receipts of ₹74,017 crore in 2024-25 against a revised estimate of ₹55,000 crore — and describes a 3.61% Offer for Sale in Mazagon Dock Shipbuilders (April 2025) that raised ₹3,673.42 crore. Dividends are a major part of non-tax revenue (Article 29).

• Why a manufacturing share near 13% matters. The Survey wants industry to move from import substitution to scale, competitiveness and global value chains, and names five pillars: ease of doing business, R&D and innovation, skilling, infrastructure and logistics, and scaling up MSMEs. The NMM's target of 25% of GDP by 2035 is the yardstick.

• Corporate Social Responsibility. Section 135 of the Companies Act, 2013 requires companies above specified net-worth, turnover or profit thresholds to spend at least 2% of their average net profit of the previous three years on CSR; spending that benefits the company or its employees does not count (a 2024 Prelims question).

• Mudra. The MUDRA Yojana (April 2015) provides collateral-free loans of up to ₹10 lakh to non-corporate, non-farm micro and small enterprises, bringing small entrepreneurs into the formal financial system (a 2016 Prelims question).

How UPSC Could Ask This Next

How UPSC could ask this next

• The definition stem. 'According to the MSMED Act as revised, medium enterprises are those with investment up to ...' The options will mix the old ₹50 crore and new ₹125 crore thresholds. From 1 April 2025: micro ₹2.5 crore/₹10 crore, small ₹25 crore/₹100 crore, medium ₹125 crore/₹500 crore (investment/turnover). Remember the classic Prelims trap: all bank loans to MSMEs qualify for priority-sector lending.

• The 'what does PLI reward' stem. Incremental sales of goods manufactured in India (not capital investment). Also the sectors count: 14.

• Scheme-pairing stems. ISM — semiconductors (₹76,000 crore); ECMS — electronics components (₹22,919 crore); PM E-DRIVE — EVs; PM Vishwakarma — artisans; PMEGP — micro enterprises (credit-linked subsidy); SRI Fund — MSME equity; CGTMSE — collateral-free guarantee; TReDS — invoice discounting.

• The semiconductor-pairing stem. A 2026 Prelims question asked which plant–State pair is wrong (the HCL-Foxconn chip plant is in Uttar Pradesh, not Madhya Pradesh). Know: Gujarat (Micron's ATMP; CG Power with Renesas and Stars), Assam (Tata's assembly and test), Uttar Pradesh (HCL-Foxconn) and Odisha (SiCSem).

• The ministry-pairing stem. A 2025 Prelims question asked which Union ministry controls the National Automotive Board (Heavy Industries), the Coir Board (MSME) and the National Centre for Trade Information (Commerce and Industry) — all three pairs in the stem were wrong. Learn the home ministry of every board in this article: Coir Board — MSME; Textiles Committee and Silk Board — Textiles; BIS — Consumer Affairs; DPIIT — Commerce and Industry.

• The near-miss numbers. Industry GVA 7.0% (H1 FY26) versus manufacturing GVA 9.13% (Q2); GERD 0.64% of GDP versus manufacturing 12.9% of GDP; logistics costs 7.97% of GDP versus 8.84% a year earlier; India's 2.9% of world manufacturing GVA versus 1.8% of merchandise exports.

• Mains angles. (1) Why has manufacturing's share of GDP stagnated near 13% and can the NMM's 25% by 2035 be achieved? (2) Is PLI the right instrument: output-linked incentives versus infrastructure and trade-policy reform? (3) How does the 2025 MSME redefinition help or hurt the smallest firms? (4) Strategic disinvestment: efficiency gain or sale of the family silver?

Further Reading

• NCERT Economics textbooks (Class 11–12), the Economic Survey, the Union Budget documents and RBI publications cited in this note — the primary sources behind every figure above.

Test Yourself: Practice Questions & PYQs

Twelve practice questions on sectors, the MSME definition, PLI, the NMM, semiconductors and PSUs, followed by real UPSC questions.

Practice Questions

Q1. Consider the following pairs of economic activity and sector:
1. Storage of agricultural produce — Tertiary
2. Mineral exploration — Primary
3. Weaving cloth — Secondary
4. Dairy farming — Secondary
How many of the pairs are correctly matched?

• (a) All four

• (b) Only three

• (c) Only two

• (d) Only one

Q2. With effect from 1 April 2025, a 'medium enterprise' under the MSME classification is one whose investment in plant and machinery does not exceed

• (a) ₹10 crore

• (b) ₹125 crore

• (c) ₹500 crore

• (d) ₹50 crore

Q3. Under the revised MSME definition effective 1 April 2025, a firm with investment of ₹20 crore and annual turnover of ₹80 crore is classified as a

• (a) micro enterprise

• (b) medium enterprise

• (c) large enterprise

• (d) small enterprise

Q4. The Production Linked Incentive (PLI) scheme in India provides incentives based on

• (a) the number of workers employed

• (b) incremental sales of goods manufactured in India

• (c) the amount of capital invested

• (d) the profit earned by the firm

Q5. Consider the following statements about the National Manufacturing Mission (NMM):
1. It was announced in Union Budget 2025-26.
2. It targets raising manufacturing's share of GDP to 25 per cent by 2035.
3. It aims to lift merchandise exports to USD 1.2 trillion.
Which of the statements given above are correct?

• (a) 2 and 3 only

• (b) 1 only

• (c) 1, 2 and 3

• (d) 1 and 2 only

Q6. The Production Linked Incentive scheme for automobile and auto components offers higher incentives for components of which of the following, subject to a minimum domestic value addition of 50 per cent?

• (a) Electric vehicle and hydrogen fuel-cell components

• (b) Imported chassis

• (c) Internal combustion engines only

• (d) Tyres and tubes only

Q7. Which of the following is/are a purpose of TReDS (Trade Receivables Discounting System)?
1. Letting MSMEs get early payment against invoices from large buyers
2. Providing collateral-free guarantees for MSE loans
3. Registering informal micro enterprises on Udyam
Select the correct answer using the code given below:

• (a) 2 and 3 only

• (b) 1, 2 and 3

• (c) 1 and 2 only

• (d) 1 only

Q8. The Udyam Registration Portal for MSMEs was launched in

• (a) 2015

• (b) 2006

• (c) 2025

• (d) 2020

Q9. Consider the following statements about the MSME sector in India:
1. The credit guarantee cover under CGTMSE was raised from ₹5 crore to ₹10 crore from 1 April 2025.
2. All bank loans to micro, small and medium enterprises qualify as priority-sector lending.
3. PMEGP is a credit-linked subsidy scheme for new micro enterprises.
Which of the statements given above are correct?

• (a) 1 and 2 only

• (b) 2 and 3 only

• (c) 1, 2 and 3

• (d) 1 and 3 only

Q10. The Department of Investment and Public Asset Management (DIPAM) is under the Ministry of

• (a) Commerce and Industry

• (b) Finance

• (c) Heavy Industries

• (d) Corporate Affairs

Q11. India's rank in the UNIDO Competitive Industrial Performance (CIP) index, according to the Economic Survey 2025-26, improved to

• (a) 100th in 2023

• (b) 12th in 2023

• (c) 75th in 2023

• (d) 37th in 2023

Q12. The ₹76,000 crore programme for developing the semiconductor and display manufacturing ecosystem is implemented through the

• (a) India Semiconductor Mission

• (b) Electronics Component Manufacturing Scheme

• (c) PM E-DRIVE

• (d) National Manufacturing Mission

UPSC Previous Year Questions (PYQs)

Real UPSC Prelims questions, checked against the official paper and answer key.

Q1. (2024) With reference to the sectors of the Indian economy, consider the following pairs:
Economic activity — Sector
1. Storage of agricultural produce — Secondary
2. Dairy farm — Primary
3. Mineral exploration — Tertiary
4. Weaving cloth — Secondary
How many of the pairs given above are correctly matched?

• (a) All four

• (b) Only three

• (c) Only one

• (d) Only two

Q2. (2023) Consider the following statements with reference to India:
1. According to the 'Micro Small and Medium enterprises Development (MSMED) Act, 2006, the 'medium enterprises' are those with investments in plant and machinery between Rs. 15 crore and Rs. 25 crore.
2. All bank loans to the Micro, Small and Medium Enterprises qualify under the Priority sector.
Which of the statements given above is/are correct?

• (a) 1 Only

• (b) Both 1 and 2

• (c) Neither 1 nor 2

• (d) 2 Only

Q3. (2016) Pradhan Mantri MUDRA Yojana is aimed at

• (a) bringing the small entrepreneurs into formal financial system

• (b) providing pensions to old and destitute persons

• (c) providing loans to poor farmers for cultivating particular crops

• (d) funding the voluntary organizations involved in the promotion of skill development and employment generation

Q4. (2024) With reference to Corporate Social Responsibility (CSR) rules in India, consider the following statements:
1. CSR rules specify that expenditures that benefit the company directly or its employees will not be considered as CSR activities.
2. CSR rules do not specify minimum spending on CSR activities.
Which of the statements given above is/are correct?

• (a) Both 1 and 2

• (b) 2 only

• (c) Neither 1 nor 2

• (d) 1 only

Q5. (2025) Consider the following statements:
Statement I: Studies indicate that carbon dioxide emissions from cement industry account for more than 5% of global carbon emissions.
Statement II: Silica-bearing clay is mixed with limestone while manufacturing cement.
Statement III: Limestone is converted into lime during clinker production for cement manufacturing.
Which one of the following is correct in respect of the above statements?

• (a) Only one of the Statements II and III is correct and that explains Statement I

• (b) Both Statement II and Statement III are correct but only one of them explains Statement I

• (c) Both Statement II and Statement III are correct and both of them explain Statement I

• (d) Neither Statement II nor Statement III is correct

Q6. (2025) With reference to India, consider the following pairs:
Organization — Union Ministry
I. The National Automotive Board — Ministry of Commerce and Industry
II. The Coir Board — Ministry of Heavy Industries
III. The National Centre for Trade Information — Ministry of Micro, Small and Medium Enterprises
How many of the above pairs are correctly matched?

• (a) Only one

• (b) None

• (c) Only two

• (d) All the three

Q7. (2026) Which of the following items of defence hardware is/are manufactured in India?
1. Su-30 MKI Fighter Jets
2. T-90 MK-III Tanks
3. Akula Class Submarine
Select the answer using the code given below:

• (a) 1 and 2

• (b) 1 only

• (c) 1 and 3

• (d) 2 only

Q8. (2023) Consider the following statements:
Statement-I: 7th August is declared as the National Handloom Day.
Statement-II: It was in 1905 that the Swadeshi Movement was launched on the same day.
Which one of the following is correct in respect of the above statements?

• (a) Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I

• (b) Statement-I is correct but Statement-II is incorrect

• (c) Statement-I is incorrect but Statement-II is correct

• (d) Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I

Q9. (2018) Consider the following statements:
1. In India, State Governments do not have the power to auction non-coal mines.
2. Andhra Pradesh and Jharkhand do not have gold mines.
3. Rajasthan has iron ore mines.
Which of the statements given above is/are correct?

• (a) 2 only

• (b) 1 and 3

• (c) 3 only

• (d) 1 and 2

Mains Practice Questions

Use these to frame full-length answers. You don't have to answer one exactly — they show the angles UPSC tests, so let them guide which points you cover.

• Why has the share of manufacturing in India's GDP stagnated near 13 per cent? Assess whether the National Manufacturing Mission's target of 25 per cent by 2035 is realistic.

• Evaluate the PLI scheme as an instrument of industrial policy: its achievements, its costs and its alternatives.

• Discuss the problems of MSMEs (credit, delayed payments, formalisation) and examine the recent measures — TReDS, CGTMSE, Udyam and the revised definition.

• Is strategic disinvestment of public sector enterprises a sound policy? Examine the experience of the last decade.

• How can India integrate into global value chains in electronics and semiconductors? What does the India Semiconductor Mission achieve and what does it still need?

UPSC Mains — Previous Years’ Questions on this topic (last 10 years)

These are the actual GS Mains questions UPSC has asked on this theme — real proof of how, and when, it is tested. Try to write a full answer to each.

• 2026 (GS-III): How are startups in India promoting entrepreneurship, innovation and employment? Discuss the global and domestic challenges in their working and suggest suitable measures to overcome these challenges.

• 2025 (GS-III): Discuss the rationale of the Production Linked Incentive (PLI) scheme. What are its achievements? In what way can the functioning and outcomes of the scheme be improved?

• 2022 (GS-III): "Economic growth in the recent past has been led by increase in labour productivity." Explain this statement. Suggest the growth pattern that will lead to creation of more jobs without compromising labour productivity.

• 2017 (GS-III): Account for the failure of manufacturing sector in achieving the goal of labour-intensive exports. Suggest measures for more labour-intensive rather than capital-intensive exports.

• 2017 (GS-III): "Industrial growth rate has lagged-behind in the overall growth of Gross-Domestic-Product (GDP) in the post-reform period." Give reasons. How far the recent changes in Industrial-Policy are capable of increasing the industrial growth rate?