On the 10th anniversary of the ‘Make in India’ initiative, Union Minister of Commerce and Industry, Piyush Goyal, outlined the country’s future growth trajectory, with manufacturing set to play a central role. Speaking on Wednesday, Goyal projected that by 2047, the manufacturing sector’s contribution to the Indian economy would rise to 25%.
“As we move forward in Amrit Kaal, India will steadily grow its manufacturing base to cater to both domestic and global demand. By 2047, the sector’s share in the economy will increase to 25%. We will also see the development of more industrial townships equipped with plug-and-play infrastructure,” Goyal told ANI.
The minister highlighted India’s evolving status as a global manufacturing hub, noting the collaborative efforts between the public and private sectors, both domestically and internationally. “Today, the world sees India as a key manufacturing destination,” Goyal added.
Reflecting on the economic progress of the last decade, Goyal contrasted it with the earlier period under 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.
“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.
(ANI)