Manufacturing Surge Positions India for Rapid Economic Growth, Says NITI Aayog

ENA Sectors 2024-10-01 15:20:06 New Delhi, Oct 1 (KNN) Indias industrial sector is witnessing unprecedented growth, positioning the country to achieve economic expansion beyond 9 per cent in the coming years, according to NITI Aayog CEO B V R Subrahmanyam. Speaking at a press conference following the release of the Annual Survey of Industries (ASI) by the Ministry of Statistics and Programme Implementation (MoSPI), Subrahmanyam highlighted the substantial strides the manufacturing sector has made in recent years. India's industrial sector is expanding at an impressive pace, which allows us to realistically aim for 9 per cent or higher GDP growth in the near future, Subrahmanyam stated. He noted that the manufacturing sector is not only driving economic growth but also creating a significant number of jobs, which is a key factor in ensuring inclusive development. The ASI data, released during the conference, underscored this optimism. The number of people employed in manufacturing industries rose by 7.5 per cent in 2022-23, reaching 1.85 crore (18.5 million) compared to 1.72 crore (17.2 million) in the previous fiscal year. This growth reflects the sector's critical role in both employment generation and national economic stability. The manufacturing sectors robust performance has been fueled by a combination of government policies and private sector investments. Initiatives like 'Make in India' and Production Linked Incentive (PLI) schemes have contributed to bolstering the industrial ecosystem. Additionally, increasing automation, technological adoption, and improved infrastructure have enhanced productivity and global competitiveness. Subrahmanyam emphasised that the government's focus on ease of doing business, alongside reforms in labor laws and taxation, has helped foster a conducive environment for industrial growth. We have created a framework where industries can flourish, and the results are evident. With consistent policy support, India is well on its way to becoming a global manufacturing hub, he added. The strong growth trajectory of the manufacturing sector is expected to have ripple effects across various industries, from technology to service sectors, further reinforcing Indias broader economic prospects. As the country strengthens its industrial backbone, policymakers remain confident that India can achieve sustainable, high-paced economic growth in the coming decade. (KNN Bureau) 39458 https://knnindia.co.in/news/newsdetails/sectors/manufacturing-surge-positions-india-for-rapid-economic-growth-says-niti-aayog 2024-10-01 15:20:06 knnindia.co.in Manufacturing Surge Positions India for Rapid Economic Growth, Says NITI Aayog