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MEASURES TO PROMOTE GROWTH:
In view of the recent global experience, the following steps need be taken to accelerate the rate of growth.
1) Mastering and constantly improving process technology with just-in-time inventory systems, inter-active supplier relationships, total quality management (getting it right the first time to economise on inspection, reworking, retesting and warrantly claims), a production system driven by computer-aided design/manufacture, rapid retooling processes and delivering enhanced product value at the lowered costs which follow economies of scale.
2) Focussing on seven key sectors: microelectronics, biotech, polymers, telecom, robotics and 'smart' machine tools, information technology and civil aviation.
3) Practising economic discipline with a high savings rate to generate capital.
Where minimum efficient scale is very huge for capital intensive operations, it may be more cost effective to allow one company to spread its fixed costs over a very huge number of
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