Piyush Goyal Highlights Success of ‘Make in India’ in Boosting Manufacturing and Employment
New York [US], October 1: Union Minister of Commerce and Industry, Piyush Goyal, announced on Monday that the ‘Make in India’ initiative has significantly contributed to the positive trends in the latest gross value added (GVA) figures.
Impact of ‘Make in India’
Goyal stated, ‘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.’
GVA Data Insights
The Union Minister noted that the GVA data shows a 7.5% increase in manufacturing employment in 2022-23 over the previous year and a 6.3% rise in average emoluments. This serves as a powerful testament to the success of the ‘Make in India’ initiative.
Goyal added, ‘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 very strong macroeconomic fundamentals, economic activity, job creation, and domestic value addition.’
Future Economic Trajectory
Goyal emphasized 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.’
Government Initiatives
Goyal highlighted that Prime Minister Modi has launched a two lakh crore rupee programme with five schemes to promote jobs for young men and women and encourage skill development. He also mentioned the approval of twelve new smart cities and industrial townships, which will include social, physical, and innovation infrastructure.
Goyal concluded, ‘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.’
Doubts Revealed
Piyush Goyal -: Piyush Goyal is a leader in the Indian government. He works on making sure the country’s businesses and industries grow.
Make in India -: ‘Make in India’ is a program started by the Indian government to encourage companies to make their products in India. This helps create jobs and boosts the economy.
Union Minister -: A Union Minister is a person who is in charge of a specific department in the Indian government. They help make important decisions for the country.
Manufacturing -: Manufacturing means making products in factories. It includes making things like cars, clothes, and electronics.
Employment -: Employment means having a job. When more people have jobs, it is good for the economy because people can earn money and buy things.
Emoluments -: Emoluments are the money people earn from their jobs. It includes their salary and other benefits.
Global manufacturing hub -: A global manufacturing hub is a place where many products are made and sent to different parts of the world. India is becoming one of these important places.
Innovation -: Innovation means creating new ideas, products, or ways of doing things. It helps make businesses better and more efficient.
Skill development -: Skill development means learning new skills or improving existing ones. This helps people get better jobs and do their work more effectively.
Infrastructure -: Infrastructure includes things like roads, bridges, and buildings. Good infrastructure helps businesses run smoothly and grow.
Prime Minister Modi -: Prime Minister Modi is the leader of India. He makes important decisions to help the country grow and improve.
Schemes -: Schemes are plans or programs started by the government to help people and improve the country. They can focus on things like jobs, education, or health.
