Congress aims to raise manufacturing GDP share to 20% in 5 years: Mallikarjun Kharge

Congress aims to raise manufacturing GDP share to 20% in 5 years: Mallikarjun Kharge/ANI

VoM News Desk | May 11, 2024 | 11:10 AM IST | India, Politics | Follow on Google News

Congress aims to raise manufacturing GDP share to 20% in 5 years: Mallikarjun Kharge

Congress aims to raise manufacturing GDP share to 20% in 5 years: Mallikarjun Kharge

Mallikarjun Kharge, the President of the Indian National Congress on Saturday said that the party resolves to make the country a manufacturing hub by raising the share of manufacturing from 14% to 20% of GDP in the next five years.Taking to his official X handle, Kharge tweeted, “Congress resolves to make India a manufacturing hub by raising the share of manufacturing from 14% to 20% of GDP in the next 5 years.

“Lauding the Congress’s regime, Kharge said that the nation’s manufacturing share of GDP was higher compared to the rule of the BJP. “It is thus no surprise that in the last 25 years, India’s manufacturing share of GDP has been higher during the Congress rule.

On the contrary, in the last 10 years (2014-24), the share of manufacturing has stagnated at just 14%.”Kharge also said, “Congress is determined to make India the manufacturing powerhouse that produces goods and services for itself and the world.

“The Congress leader also said that the party’s immediate objective will be to restore a healthy, fearless and trustworthy climate for businesses. Elaborating on the party’s goal, Kharge said that the Congress government in 1991 abolished industrial licensing and controls. “The independent regulatory regime that was put in place has deteriorated into a system of overt and covert controls,” he added.

“We will conduct a comprehensive review of the current rules and regulations and repeal or amend them in order to restore freedom to industry, business and trade,” Kharge said.Describing the Congress’ ambition, Kharge said that the party will aim for India to attain a position of leadership in multiple industries such as steel, metals, garments and textiles, cement, automobiles, electronic goods, pharmaceuticals, engineering goods, petroleum products, chemicals, and mining rare earth and critical minerals.

Putting forward RBI’s data on stalled projects, Kharge said that Congress will revive those projects by taking the help of the private sector. “According to the RBI, nearly 60% of the large central government projects have been stalled or delayed and costs have risen by nearly 5 lakh crores. Congress will address the problem in a mission mode and find ways and means to revive the stalled projects with the help of the private sector,” he said.Throwing light on the Congress approach, Kharge tweeted, “Congress will reform the production linked incentives (PLI) scheme to target specific sectors that can create thousands of jobs by making India one of the top 5 producers in the world in that sector.”Kharge also mentioned about introducing an employment-linked incentive scheme.

He added, “We will introduce a new employment-linked incentive (ELI) Scheme for corporates to win tax credits for additional hiring against regular, quality jobs.”Reiterating the party’s opposition to monopolies and oligopolies, Kharge said, “Congress will create a level playing field for all businesses. We are opposed to monopolies and oligopolies. We will strengthen the Competition Commission of India (CCI) to ensure that India will be an open and competitive economy.

“The Congress President also talked about strengthening AI and robotics and said, “We will encourage and support the use of Artificial Intelligence, robotics, etc. which will create new and frontline jobs. At the same time, we will ensure that there are more job opportunities in sectors that use conventional technology.”

(Except for the headline, this story has not been edited by VoM News staff and is published from syndicated feed)

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