“India Ranks 2nd in Global Manufacturing Demand, Finance Minister Sitharaman Highlights Economic Growth”
In a significant acknowledgment, Finance Minister Nirmala Sitharaman revealed that India has secured its place as the world’s second most sought-after manufacturing destination. During her address in the Rajya Sabha, Sitharaman attributed this accomplishment to the commendable strides made through the Make in India program and Prime Minister Modi’s initiatives, underscoring the substantial contribution of the manufacturing sector to India’s economy.
In a significant acknowledgment, Finance Minister Nirmala Sitharaman revealed that India has secured its place as the world’s second most sought-after manufacturing destination. During her address in the Rajya Sabha, Sitharaman attributed this accomplishment to the commendable strides made through the Make in India program and Prime Minister Modi’s initiatives, underscoring the substantial contribution of the manufacturing sector to India’s economy.
Highlighting the sector’s pivotal role, Sitharaman emphasized, “Manufacturing sector contributes significantly to the economy on the back of various measures like the PLI scheme.” She further articulated the multifaceted growth across sectors, citing the Purchasing Managers Index (PMI) standing at 56 in November, signifying sustained expansion.
“Our second quarter growth stands as the highest globally, maintaining our momentum as the fastest-growing economy,” Sitharaman asserted. She noted India’s notable economic resilience during the same period when the third and fourth largest economies faced contraction, underscoring India’s impressive 7.6% growth in the second quarter of 2023.
“We’ve made remarkable strides in just eight years, becoming the world’s fifth-largest economy,” Sitharaman informed the House, spotlighting India’s swift ascent on the global economic stage.
In a separate statement earlier, Sitharaman clarified that the Budget 2024 would not include any extravagant announcements. Instead, it would function as a vote on account preceding the 2024 general elections, primarily earmarked for the government’s expenditure until a new administration assumes office.
Acknowledging the impending election mode, Sitharaman outlined, “The February 1, 2024 budget will merely be a vote on account as we will be in an election mode. The budget presented will cater to the government’s expenditure until a new administration takes charge.”
This strategic move aims to ensure the continuity of governance while refraining from introducing extensive fiscal policy changes in view of the impending elections.
Sitharaman’s assertions underscore India’s commendable economic growth trajectory, positioning the nation as an increasingly attractive global manufacturing powerhouse, while also indicating a prudent approach in managing fiscal affairs during the electoral period.
Sources By Agencies
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