Commerce and Industry Minister Piyush Goyal on Monday said the ‘Make in India’ initiative has contributed significantly to the positive trends reflected in the latest gross value added (GVA) figures.
When asked about Make in India’s contribution, Goyal said, Ani“I think this is huge because this annual industry survey reflects growth in manufacturing, the fact that we are now above pre-pandemic levels, growth in basic metals, coke and refined petroleum products. The fact that India’s continued growth in food production, chemicals and chemical production-based industries, and automobiles shows that India is combining manufacturing and consumption-driven growth, leading other developed countries to In the region, growth is consumption-driven.”
The Union Minister also pointed to GVA data as strong evidence of Make’s success, showing that manufacturing employment in 2022-23 increased by 7.5% year-on-year and average remuneration increased by 6.3%. On an Indian initiative.
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Asked what the latest GVA data reveals about India’s overall economic growth, Goyal said: “As we celebrate the 10th anniversary of the Make in India program launched on September 25, 2014, we are very happy to see India emerging as a great power.”Overall, our country is well positioned to maintain its macroeconomic fundamentals. , economic activity, job creation and domestic value added are very strong, all these factors are increasing and the gross value added (GVA) numbers are also increasing. This is an increase of 7.3% over FY 2022, which is a big sign that India’s success story is going from strength to strength. ”
Goyal further said that the world is increasingly looking at India as a manufacturing hub.
“We are focused on innovation, we are focused on skills development. This is a whole-of-government approach and if states and the Center work together, we will see it have a transformative impact on the economy. ” he added.
Asked what the latest GVA figures suggest about the future trajectory of India’s economy, Goyal emphasized that there is growing global recognition of India’s economic strength.
“It is widely expected that India will continue to maintain this growth momentum in the coming years and perhaps decades.The economy is resilient.Inflation is below the RBI threshold.Foreign exchange reserves Japan is the fourth largest economy in the world, and the time has come for interest rates to soften. It also has all the ingredients for a strong macroeconomic foundation, with growth in both manufacturing and service sectors, leading to accelerated exports. Manufacturing employment is already up 7.5%, and investors have the potential to see even more growth. India’s future is bright. Every young child, every young man and woman born in India,” Goyal stressed.
According to the latest Annual Industrial Survey (ASI) released, the country’s manufacturing gross value added (GVA) will grow steadily by 7.3% to Rs 21.97 billion (Rs 20.47 billion) in 2022-23. did.
According to the ASI report, industrial production increased by more than 21% from 2022 to 2023. Total employment in the manufacturing industry showed steady growth in 2022-23, increasing by 7.4% from the previous year.
Meanwhile, when asked what efforts were being taken to further improve productivity and efficiency in the manufacturing industry, Goyal said, “Prime Minister Modi has announced a Rs 2,000-crore program to promote youth employment, “We have just launched five programs, the Prime Minister’s Program.” To encourage skill development among men and women on a large scale, he recently approved 12 new smart and industrial cities. ”
He further added, “Social, physical and innovation infrastructure will be in place. There will be a single point of contact for all promotional and manufacturing activities. Ease of doing business and fostering innovation and research and development. Quality education and skills are Prime Minister Modi’s focus to make India a manufacturing powerhouse…”
