Piyush Goyal Highlights 'Make in India' Success with Impressive GVA Growth

Union Minister Piyush Goyal underscored the 'Make in India' initiative's substantial impact on manufacturing growth, attributing recent GVA gains and employment increases to this program. Goyal emphasized India's emerging status as a global manufacturing hub, supported by strategic government initiatives and international recognition.

Piyush Goyal, the Union Minister of Commerce and Industry, asserted on Monday that the 'Make in India' initiative has played a pivotal role in boosting the country's manufacturing sector, as reflected in the latest Gross Value Added (GVA) figures.

Addressing questions about the initiative's contribution, Goyal stated, 'It's significant as this annual survey of industries underscores growth in the manufacturing sector. Surpassing pre-pandemic levels with continued growth in basic metals, refined petroleum products, food production, chemicals, and motor vehicles showcases that India is blending manufacturing with consumption-led growth.' Goyal also highlighted a 7.5% increase in manufacturing employment and a 6.3% rise in average emoluments in 2022-23, marking the triumph of 'Make in India.'

Discussing India's overall economic growth, Goyal expressed satisfaction, 'As we mark ten years of 'Make in India,' launched on September 25, 2014, India is solidifying its position as a global manufacturing and export hub. Strong macroeconomic fundamentals, increasing economic activity, job creation, domestic value addition, and a 7.3% rise in GVA numbers for 2022 signal India's burgeoning success story.

Goyal pointed out that India's economic strength is gaining global recognition, predicting sustained growth for years. 'India's economy is resilient, with inflation below the RBI mandate and foreign exchange reserves nearing USD700 billion. Investors are eager to enter India, forecasting a bright future for the nation's youth.' The latest ASI report confirms robust growth in industrial output and manufacturing employment, with total employment in the manufacturing sector growing by 7.4% in 2022-23.

Highlighting new initiatives, Goyal noted Prime Minister Modi's launch of a two lakh crore rupee program for job creation and skill development, including twelve new smart cities and industrial townships, enhanced infrastructure, and single-window clearances to promote innovation and ease of doing business. 'Prime Minister Modi aims to make India a manufacturing powerhouse,' Goyal concluded.

(With inputs from agencies.)