South India major driver of Indian economy,says Sharma

Anand Sharma said that South India contributes 22 per cent to the country's GDP.

South India,which contributes 22 per cent to the country’s GDP,will become a USD 700 billion economy in the next five years,and USD 1,200 billion by 2020,Commerce and Industry Minister Anand Sharma said on Friday.

Addressing a meeting of CEOs here,Sharma said the southern states have been major driver of growth in the last decade. They have become centres of manufacturing industries like textiles,automobiles,defence,aerospace and pharmaceuticals.

The aggregate gross domestic product of Tamil Nadu,Andhra Pradesh,Karnataka,Kerala and Puducherry at present is USD 300 billion.

He said the Centre is working on new manufacturing policy,under which National Investment and Manufacturing Zones (NIMZS) are being planned as mega investment regions.

Earlier laying the foundation stone for the Nano-Manufacturing Technology Centre,he said,a meeting to be chaired by Prime Minister Manmohan Singh will discuss the draft manufacturing policy in New Delhi on June 9.

“The objective is to identify key instrumentalities by which the share of manufacturing in our GDP can be augmented from 15 per cent to 25 per cent by 2025,” Sharma said.