After the recession in the year 2008, there has been ongoing debates that focused mainly on economics, industrial growth and development. Experts are trying to find out a robust solution to end the financial crisis that the world and in particular American and European countries are facing. The debate is mostly on how to sustain industrial growth, increasing jobs and this reducing unemployment, increasing per capital income and eradicating poverty. Since the last decade there has been regular increase in poverty and unemployment which has resulted in unrest in many countries including India and other Asian countries. There has been increasingly demands from the people in many developing countries for the betterment of their life and development of their living standards.
But for many countries, this may not be an easy task. The jobs just cannot be created simply by uttering words but it needs concrete long term steps and commitment. To create jobs there has to be economic development and the entrepreneurs along with government need to find out different ways to increasing jobs and employments. For a sustained job creation a structural change need to implemented so that the economy can generate constantly new works and activities that requires manpower. Greater opportunities than in other sectors to accumulate capital, exploit economies of scale, acquire new technologies and more fundamentally – foster embodied and disembodied technological change are found in manufacturing, which has become the core of structural transformation and industrial growth.