Piyush Goyal emphasised that global recognition of India’s economic strength is growing.
Union Minister of Commerce and Industry, Piyush Goyal, on Monday, said that the “Make in India” initiative has significantly contributed to the positive trends reflected in the latest gross value added (GVA) figures.
When asked about Make in India’s contribution, Goyal told ANI, “I think it’s huge because this annual survey of industries reflects the growth in the manufacturing sector. The fact that we have surpassed pre-pandemic levels now, the way the growth continues in a sustained manner in basic metals, coke and refined petroleum products, food production, chemical and chemical production-based industries, and motor vehicles, demonstrates that India is a combination of manufacturing and consumption-led growth. In other parts of the developed world, the growth is consumption-led.”
The Union Minister also noted that the GVA data, which shows a 7.5 per cent increase in manufacturing employment in 2022-23 over the previous year, and a 6.3 per cent rise in average emoluments, serves as a powerful testament to the success of the Make in India initiative.
When asked what the latest GVA data reveals about India’s overall economic growth, Goyal stated, “It is a matter of great satisfaction that as we celebrate ten years of the Make in India programme, launched on September 25, 2014, India is emerging as a global manufacturing and export hub. Overall, we have a very strong macroeconomic fundamentals, economic activity, job creation, and domestic value addition, all of these factors have been on the rise and the fact that gross value addition (GVA) numbers are up by 7.3 per cent over the financial year 2022 which is a great signal that the India success story is going from strength to strength.”
Goyal further remarked that the world is increasingly viewing India as a manufacturing hub.
“Our focus on innovation, our focus on skill development–it’s been a whole of the government approach and when the states and centre work together you can see the transformational impact it has on the economy,” he added.
When asked about what the latest GVA numbers suggest regarding the future trajectory of India’s economy, Goyal emphasised that global recognition of India’s economic strength is growing.
“It is widely expected that for the next many years, possibly a few decades, India will continue to sustain this growth momentum. The resilience of the economy is strong. Inflation is below the RBI-mandated number. Foreign exchange reserves are touching USD700 billion. We are the fourth largest in the world and now the time has come for seeing softer interest rates. Also, we have all the ingredients of a strong macroeconomic foundation on which both manufacturing and the service sector will grow, leading to faster growth of exports, leading to greater job employment numbers. We already have seen a 7.5 per cent growth in manufacturing employment. In the service sector also, the growth could be even more than this. Investors are queuing up to come to India. The future is bright for every young child, every young man and woman born in India,” Goyal highlighted.
Manufacturing Gross Value Added (GVA) of the country grew robust 7.3 per cent in 2022-23 at Rs 21.97 lakh crore (Rs 20.47 lakh crore), the latest Annual Survey of Industries (ASI) released showed.
As per the ASI report, industrial output for 2022-23 grew more than 21 per cent. Total employment in the manufacturing sector showed a robust growth of 7.4 per cent in 2022-23 over the previous year.
Meanwhile, on being asked what initiatives are being taken to further improve productivity and efficiency in the manufacturing sector, Goyal said, “Prime Minister Modi has just launched the two lakh crore rupee programmes, the five schemes, PM schemes to promote jobs for our young men and women. To encourage skill development in a big way, he has recently approved twelve new smart cities and industrial townships.”
He added, “There will be social, physical and innovation infrastructure. There will be a single window clearance for all promotional and manufacturing activities. The whole of the government’s approach for ease of doing business and the promotion of innovation and research and development coupled with high-quality education and skills is Prime Minister Modi’s focus to make India a manufacturing powerhouse…
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First Published: Oct 01 2024 | 8:24 AM IST
