Manufacturing sector significantly contributing to economy, India's Q2 growth highest in world: Sitharaman in Rajya Sabha
Dec 07, 2023
New Delhi [India], December 7 : Finance Minister Niramala Sitharaman on Thursday said that the manufacturing sector is contributing significantly to the economy following government initiatives and noted that India's second-quarter growth this year was the highest in the world.
Replying to a short-duration discussion on the "economic situation in the country" in the Rajya Sabha, Sitharaman said there was sustained growth in manufacturing. The House saw a marathon discussion over three days with several members taking part to express their views on the government's handling of the economy.
The minister referred to the points raised by members and said the rupee's resilience against the US dollar showed the robustness of an economy.
Sitharaman said Gross Domestic Product (GDP) grew at a higher-than-expected 7.6 per cent in the July to September 2023 quarter and the government maintained the growth momentum.
She said the economic activities across sectors have been good and satisfactory.
Sitharaman highlighted progress in healthcare, sanitation, and reduction in malnutrition under Prime Minister Narendra Modi-led government, saying multi-dimensional poverty is on the decline.
"A total of 13.5 crore Indians have come out of multidimensional poverty since 2014," Sitharaman said.
"All sectors are growing significantly. Because of the Make in India programme and PM Modi's schemes, the manufacturing sector is also significantly contributing to the economy. The manufacturing sector is contributing 13.9 per cent to the economy. The Purchasing Managers Index (PMI) in November was 56. It is in the expansionary territory, so sustained growth is indicative of the growth," she said, adding that the developed economies are showing a contractionary manufacturing PMI, in comparison
The Minister said that those deserving of government support have been targeted through several schemes like PM Kisan scheme (11 crore beneficiaries get income support), PM Mudra Scheme (collateral-free loan to run small businesses given to 41 crore people), PM Swanidhi (73 lakh beneficiaries, mostly women), PM Jeevan Jyoti Bima Yojana (18.58 crore beneficiaries getting life insurance of Rs 2 lakh); PM Suraksha Bima Yojana (41.16 crore beneficiaries received disability cover) and Stand Up India (loans to 2.08 lakh beneficiaries worth Rs 22,000 crore have been given).
She took a dig at the UPA government and said that the schemes that "existed nominally earlier" have found life under the Modi government.
"They (UPA) just launched schemes and forgot about them. We (NDA) are continuously looking for the welfare of people."
The Minister talked of India's production strides in various sectors including in vast areas from agriculture to mobile phones.
"India stands fourth globally in renewable energy installed capacity, wind power capacity, and solar power capacity," said the Finance Minister, adding that the progress has seeped into rural areas as well.
