New Delhi, Dec 8 (KNN) Finance Minister Nirmala Sitharaman on Thursday informed Rajya Sabha that India is the second most sought-after manufacturing destination in world.

“Manufacturing sector contributes significantly to economy on the back of various measures like PLI scheme,” she said.

The union minister added that all sectors are growing significantly because of the Make in India programme and PM Modi's schemes.

At preset, the manufacturing sector is contributing 13.9 per cent to the economy. The Purchasing Managers Index (PMI) in November was 56. 

“Our second quarter growth has been very high and it is the highest in the world and we continuously maintained that momentum of being the fastest-growing economy,” she added. 

Sitharaman informed that the second quarter growth is the highest in the world and we continue to maintain the momentum of being the fastest growing economy. 

“During the same same quarter-July to September, 2023, the third and fourth largest economies of the world contracted. For India to reach 7.6 per cent in the second quarter, it's a very significant number. In just last eight years, India has become the world's fifth largest economy,” Sitharaman told the House.

Earlier in the day, Sitharaman said that the Budget 2024 will not have any ‘spectacular announcements’. It will be a vote on account to be tabled weeks ahead of the 2024 general elections.

(KNN Bureau)