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 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 a very strong macroeconomic fundamental, 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% over the financial year 2022 which is a great signal that the India success story is going from strength to strength.”

Global Recognition

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,” he said.

Future Prospects

Goyal highlighted that India has all the ingredients of a strong macroeconomic foundation on which both manufacturing and the service sector will grow, leading to faster growth of exports and greater job employment numbers. “We already have seen a 7.5% 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,” he noted.

Government Initiatives

On initiatives to further improve productivity and efficiency in the manufacturing sector, Goyal mentioned, “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.”

Piyush Goyal -: Piyush Goyal is a Union Minister in India. He works for the government and helps make important decisions for the country.

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.

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.

macroeconomic fundamentals -: Macroeconomic fundamentals are the big factors that affect a country’s economy, like inflation, unemployment, and growth rates.

smart cities -: Smart cities use technology to make life better for people. This includes things like better transportation, clean energy, and efficient services.

skill development programs -: Skill development programs help people learn new skills or improve existing ones. This makes it easier for them to get good jobs.