Unveiled three years back, the 2011 manufacturing policy was the most aspirational piece of document the country ever produced after years of manufacturing history. So what we were looking at is manufacturing accounting for 25% share of GDP by 2022 (from 16% at that time) and 100 million additional jobs. Unfortunately, since then, not only have we not moved towards our goal, we have actually gone the other way around, with manufacturing growth slipping to near zero over the past two years. While an overall demand slowdown has been widely blamed for this slump, there are several fundamental issues that stand in the way of our achieving this ambitious goal. The purpose of this article is to highlight just two of them. The first is less talked about, and the second better known, but still deserving of a mention given the lack of change.