- Live Mint) "More than half a percentage of India's total export in FY23 was merchandise exports, followed by services exports. However, it used to be mostly services 10-15 years ago, said Electronics and Information Technology Minister Ashwini Vaishnaw while highlighting the success of Make in India. He also called the boost to export due to manufacturing a major achievement for the country Read: We continuously maintained momentum of being fastest growing major economy: FM Sitharaman in Rajya SabhaIn the last financial year, a total of 762 billion dollars of exports was recorded. Out of this, 453 billion dollars was merchandise exports, services exports were 309 billion dollars. The picture was not the same 10-15 years ago when the export was led by services export mostly, Union Minister told ANI on Thursday Read: Crude oil prices decline: How it will impact the equity market, reasons for the fall, sectors to be affected and moreExplaining the importance of the manufacturing sector in employment generation, Vaishnaw said,“When PM Modi launched Make in India, there was a deep thinking behind it. If things are manufactured in India, our people get jobs and our small and micro industries generate employment. If exports to other countries increase, money comes to the country and a change comes to the income and economy of the country in a way. With this thinking, Make in India was launched. Its success is clear.”Also Read: The rise and rise of UPI: A forecast for Unified Payments Interface for 2024After the launch of Make in India, every sector is seeing good manufacturing growth, claimed Ashwini Vaishnaw. He also highlighted how a boost in the manufacturing sector has led to diversification in the contributors of India's exports Read: Budget 2024: What will the market look for in Vote on Account?“There is about 11 billion dollars worth of electrical machinery & equipment exports, about 11 billion dollars worth of mobile phones export. This growth is rising. This year too, 50 billion dollars of mobile phones' manufacturing has been done and the export is worth about 15 billion dollars,” he added also mentioned how India, once a prime importer of toys, is now exporting them to different countries. With efforts made under Make-in-India, India is moving towards exports in all sectors.
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