THOUGH THE CURRENT developments - credit crunch, commodity crisis and economic downturn - are challenging India's strong growth performance of recent years, a manufacturing revolution has been well underway. The silent manufacturing boom is spurred on by the increasing presence of multinationals, the scaling up of operations by domestic companies, and expanding domestic market. The sector has been averaging 9 percent annual growth in the last four years (2004-08), with a record 12.3 percent in 2006-07.
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