On the 10th anniversary of the Make in India initiative, Union Minister of Commerce and Industry Piyush Goyal announced on September 25 the future roadmap for the country. He estimated that by 2047, the manufacturing sector’s share in the economy will rise to 25 per cent.
“I see in Amrit Kaal India gradually expanding its manufacturing base to meet the large Indian and international demand. In the Amrit kaal towards Viksit Bharat 2047 the share of manufacturing will also go up to 25 per cent. We will also see more and more industrial townships with plug-and-play infrastructure walk forward,” Goyal told media.
He also praised the fact that the world now sees India as a manufacturing hub. “It has been a holistic approach in partnership with the private sector, both in India and internationally. Today, the world views India as a key manufacturing destination.”
Union Minister Goyal compared the growth of the last 10 years under the Modi government to previous administrations, calling it a “story of the lost decade versus the last decade.”
“It is a story of lost decade vs last decade. 2004 to 2014 India went to despondency, investor interest was shattered, and corruption became the order of the day so much so that an environment clearance was not possible during the Congress government. The economy, foreign exchange reserves and growth were down, the rupee fell, and inflation was high. People had given up on India. Even domestic investments were stalled, In that scenario PM Modi took charge in 2014 and the last decade has been where the macro-economic fundamentals have been made strong- startup India, one district one product, 20 new industrial smart cities, reduction of compliance burden.Improvement in our ease of doing business ranking, promoting technology, and innovation,” he said.
He also addressed critics of the Make in India scheme, rebutting their claims by saying that manufacturing has significantly boosted job creation, and critics can “keep crying hoarse.”
“Manufacturing is giving a huge boost to job creation. Take the Apple story: the iPhone 16, made in India, has been launched. And who is manufacturing them? Women working in the Chennai factory in Tamil Nadu. When we used to import air conditioners, no one imagined we could become a global manufacturer and exporter of air conditioning equipment. Now, 50 per cent of the value of air conditioners is domestically produced. With four compressor plants being set up, India will soon become a significant exporter of air conditioners. Manufacturing creates jobs and builds an ecosystem that fosters entrepreneurship and provides employment for young men and women. As the manufacturing sector grows, jobs are created in areas like factory construction, housing, infrastructure development, and logistics. The critics can keep crying hoarse,” said Union Minister Goyal.
(with inputs from ANI)
