(MENAFN- KNN India)
India Aims To Increase Manufacturing Share in GDP To 25%: Union Minister Hardeep Puri
New Delhi, Sept 30 (KNN) Union Minister Hardeep Singh Puri on Friday said that India is keen to increase its share of manufacturing in the gross domestic product (GDP) from 17 per cent to 25 per cent, reported Business Standard.
He was addressing the 118th Annual Convention of the PHD Chamber of Commerce and Industry (PHDCCI).
“Global supply chains are realigning. India is emerging as an alternative supply source given its raw materials, low labour costs, growing manufacturing know-how, and entrepreneurial ability,” he added.
Speaking about India's manufacturing aspirations, he said that the manufacturing sector currently comprises 17 per cent of the nation's GDP and over 27.3 million workers, reported Business Standard.
He said that the Prime Minister's clarion call for 'Make in India, Make for the World' at the World Economic Forum this year was a signal that India is ready and keen to increase the share of manufacturing to 25 per cent by 2025.
The minister said that Economic reforms and policies such as GST, IBC, asset monetization, labour law reforms, PLI, National Infrastructure Pipeline, and Gati Shakti mission for multimodal connectivity, have fixed many structural deficits.
Referring to the strong industrial base of India, the Union Minister highlighted that India is the second-largest producer of steel; the second-largest producer of cement; and the second-largest producer of coal.
Talking about the infrastructure, the country has the second-largest construction of the built environment; the fourth-largest railway network; and the second-largest road network.
Noting the automobile industry the Minister said that India is the largest producer of two-wheelers and the fourth-largest producer of four-wheelers.
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