17 per cent to GDP and employs 12 per cent of the Indian workforce. It is estimated that 10-12 million young people will enter the workforce each year for the next two decades and each 1 percentage point increase in manufacturing growth, could create as many as 20-30 million additional jobs.
Make in India engages several key drivers to boost the manufacturing effort. Under 'Ease of Doing Business', India aims to achieve a rank of 50 in the World Bank Doing Business indicators in the next three years. A coordinated programme has been initiated across ministries and state governments to increase administrative efficiency through simplified, timebound and online processes.
Infrastructure and industrial corridors with world-class facilities and connectivities constitute the second pillar of the Make in India programme. Industrial Corridors have been identified across the country, comprising National Investment and Manufacturing Zones as manufacturing and urban hubs. In addition, Foreign Direct Investment is being encouraged by further opening up sectors and facilitating entry of overseas investors.
Technology, innovation and design are central to Make in India, supported by stronger Intellectual Property Rights regime and the innovative Start-up India, Stand Up India campaign. Further, skill development under the Skill India mission is also being addressed in mission mode by the government.
Make in India synergises with other developmental campaigns as well, including Smart Cities, Digital India, and Clean Energy. Twenty-five sectors have been identified for promotional policies, cutting across manufacturing, infrastructure and services sub-sectors.
Taken together, the many policy instruments establish a sound foundation for the growth of the manufacturing sector and create new opportunities for Indian manufacturers. Take defense, for example, where a new policy encourages private sector participation in procurement estimated at $260 billion. In railways, an ambitious programme envisages investments worth Rs 8.5 lakh crore in the next five years. The electronics manufacturing sector is expected to attract $100 billion worth of funds by 2020.
The prospects for the small and medium enterprises (SMEs) are particularly exciting as entire value chains are restructured under Make in India. Partnerships with large firms will enable manufacturing outsourcing opportunities across a range of sectors for tier-1 and lower-tier suppliers. Under Ease of Doing Business, setting up and registering units is being facilitated, and returns and labour regulations are undergoing simplification through online processes.
In alignment with the government's policies, CII has undertaken many initiatives under the Make in India umbrella. We were privileged to be the exclusive partner for the mega-event, Make in India Week, hosted by the Government of India and the Government of Maharashtra at Mumbai in February this year. The Make in India Week was attended by more than 2000 foreign companies from 102 countries and almost 70 business missions from overseas. Altogether over 1,000 foreign delegates participated, along with about 1,000 CEOs and industry leaders, 9000 Indian companies and about 4000 foreign delegates participated during the Make in Indian Week. This event strengthened the India brand, showcased the successes of our manufacturing sector, and helped connect foreign and Indian firms for real business opportunities.
CII is also working with the Department of Industrial Policy and Promotion (DIPP) and state governments on 'Ease of Doing Business'. It is also identifying top sectors where India can emerge as a world champion, along with policy recommendations that can unlock the potential.
In line with the 'Zero Defect, Zero Effect' aspiration for high-quality and sustainable manufacturing as enunciated by the prime minister, CII is strengthening the services provided by its Centers of Excellence. Targeting the areas of quality, competitiveness, and productivity as well as green business and energy efficiency, among others, the Centers offer a range