{"id":34936,"date":"2018-10-31T14:30:24","date_gmt":"2018-10-31T09:00:24","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=34936"},"modified":"2018-10-31T14:30:24","modified_gmt":"2018-10-31T09:00:24","slug":"in-defence-of-manufacturing","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/in-defence-of-manufacturing\/","title":{"rendered":"In defence of manufacturing:\u00a0"},"content":{"rendered":"<p><a href=\"http:\/\/www.livemint.com\/Opinion\/K6oUlKlIKpfZEJlKUWJEaK\/In-defence-of-manufacturing.html\"><span style=\"font-weight: 400;\">In defence of manufacturing<\/span><\/a><span style=\"font-weight: 400;\">:\u00a0<\/span><\/p>\n<p><b>Context<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Low-skill manufacturing jobs are essential for easing the fundamental economic shifts that are underway globally. This opinion comes amidst the fall in seen in a number of macro- economic indicators in India in the past few months.<\/span><\/li>\n<\/ul>\n<p><b>Potential of monetizing small-scale entrepreneurship<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Economic research has consistently shown that<\/span> <span style=\"font-weight: 400;\">innovation drives economic growth.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It boosts allocative efficiency of resources,<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">fosters competition,<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u00b7<\/span><span style=\"font-weight: 400;\">boosts trade through product diversity and<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">helps provide low-cost solutions to human development challenges.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Start-ups and small businesses are some of the strongest repositories of the entrepreneurship that drives innovation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In general, much of the vital innovation comes from start-ups and small businesses that are snapped up by larger companies to acquire patents.<\/span><\/li>\n<\/ul>\n<p><b>Costs of paying less attention to low-skill jobs<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There are very real social and political costs for paying insufficient attention to accessible low-skill manufacturing jobs.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The opioid crisis that has swept the US Rust Belt points to the consequences of economic alienation among blue-collar manufacturing workers on a micro level.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In India, the sixth economic census, conducted between January 2013 and April 2014, shows that the average employment size of an economic establishment in India is 2.24\u2014the fourth consecutive census of decline. In such a scenario, focusing on low-skill manufacturing jobs in large enterprises becomes more important than ever.<\/span><\/li>\n<\/ul>\n<p><b style=\"font-size: 1rem;\">Way forward<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Large-scale manufacturing may see a decline over this century \u00a0this will cause decades of economic and social pain.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> That is why governments cannot afford to lose focus on large-scale manufacturing.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Hence, improving human capital to meet the demands of the transforming economy is a long term challenge\u2014and in the interim, those vanishing low-skill jobs are imperative for providing a soft landing to the economic shift.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>In defence of manufacturing:\u00a0 Context Low-skill manufacturing jobs are essential for easing the fundamental economic shifts that are underway globally. This opinion comes amidst the fall in seen in a number of macro- economic indicators in India in the past few months. Potential of monetizing small-scale entrepreneurship Economic research has consistently shown that innovation drives&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/in-defence-of-manufacturing\/\">Continue reading <span class=\"screen-reader-text\">In defence of manufacturing:\u00a0<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-34936","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704816985},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/34936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=34936"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/34936\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=34936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=34936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=34936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}