Tuesday, October 3, 2023

Working towards adding Rs 200 lakh crore to the Indian manufacturing industry by 2030: Minister


The Indian manufacturing industry will see an addition of $300 billion through the Brand India initiative, claims govt.

In order to boost the Indian manufacturing industry and to add around Rs 200 lakh crore worth of manufacturing in the country by 2030, the central government has selected 24 sectors and working with the industry leaders from these sectors, said Piyush Goyal, the Union Minister of Commerce and Industry, at the 93rd Annual Convention of Federation of Indian Chambers of Commerce and Industry (FICCI).

The move comes in line with the government’s ambitious ‘Make in India’ and ‘Atmanirbhar Bharat’ campaign, both of which promote the Indian manufacturing industry by emphasising on local production of goods. As the government claims, this would help the country to achieve the ambitious target of a $5 trillion economy, which was announced by Prime Minister Narendra Modi.

As the minister further added, “I do hope that as we go forward, FICCI will engage more with the government to transform Indian business and commerce and move towards making India a prosperous and developed nation.”

Piyush Goyal also said at the event that startups in the country will be the backbone of new India. As the minister said, the startup ecosystem in India is encouraging innovation, while promoting and strengthening new young entrepreneurs. Also, the startups are bringing new business ideas across the country, boosting the economy.

Brand India initiative will lead to the addition of $300 billion to the Indian manufacturing industry.

~ Piyush Goyal

Giving the example of the rubber tyre manufacturing industry, Piyush Goyal said, “The tyre and rubber industry ecosystem can become a great business leader in the years to come. We will be encouraging rubber plantation through the support of private investment and the government will give adequate support to the tyre industry so that it can grow and flourish.”

Digitalisation in the Indian manufacturing industry and other industrial segments have increased exponentially in the last couple of months, in the light of the Covid-19 pandemic. The growth of digitalisation along with the existing physical infrastructure and processes have given birth to a new term ‘Phygital’.

Talking about the growing digitalisation across the segments of Indian manufacturing industry, Goyal said that going forward in the post-Covid world, there will be a mix of virtual and physical engagements, combining to help the Indian manufacturing industry to expand its global outreach, helping it to reach out to new markets, customers and products.

When it comes to Atmanirbhar Bharat and Make in India, the quality of products has been a concern that the industry and government have been trying to address. Talking about that Piyush Goyal said that scale of manufacturing coupled with quality and productivity can make India competitive in several sectors and help move towards an Aatmanirbhar Bharat, which is going to be an important building block of the ‘New India’.

Centre eyes increasing manufacturing share to 30% of GDP to make India Atmanirbhar.

~ Nitin Gadkari

As the minister said, the Brand India initiative will lead to the addition of $300 billion to the Indian manufacturing industry. “This will certainly add lakhs of job opportunities and create scale and quality in different sectors,” added Goyal.

Under this programme, the government is pushing all the manufacturing industries to certify the Make in India products. “Under the Brand India initiative, we are also looking at branding India. It’s time now that India demonstrates to the world our leadership position and commitment of quality,” said the minister.

Meanwhile, union minister for MSMEs, Nitin Gadkari has said that the central government aims to increase the Indian manufacturing industry’s share to 30% of the country’s GDP through the Atmanirbhar Bharat campaign from present 24-26%.

As Gadkari said, the MSME sector is the backbone of Indian economy and contributes to 30% of the country’s GDP, 48% in export and till now created 11 crore jobs. He also said that there is a plan to increase the total turnover of the Indian rural industry to Rs 2 lakh crore from the current Rs 80,000 crore in the next 2 years.

Also Read: A $5 trillion Indian economy by 2024-25. Still alive?

Team AFT
Team AFThttps://autofintechs.com
The jack of all trades behind the Autofintechs.com


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