India Must Boost Manufacturing for Global Competitiveness: Nirmala Sitharaman

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Asif Iqbal | May 19, 2024 | 08:42 AM IST | India, Politics | Follow on Google News

India Must Boost Manufacturing for Global Competitiveness: Nirmala Sitharaman

India Must Boost Manufacturing for Global Competitiveness: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has said that the country needs to boost its manufacturing sector to increase its share in the global value chain and become self-reliant.

Addressing Indian industry leaders at the CII Annual Business Summit, the minister also emphasized the need for greater sophistication in product formulation and policy support. “I want to make it clear, contrary to the advice given by some economists, that India should no longer focus on manufacturing or accelerate manufacturing,” Sitharaman said.

I want to emphasize the fact that manufacturing should increase. India should also increase its (manufacturing) share in the global value chain with the help of policies. Some economists, including former Reserve Bank of India (RBI) Governor Raghuram Rajan, have opined that India should focus on the services sector rather than manufacturing as it has missed this opportunity.

China’s manufacturing-led growth model can no longer be replicated, he says, but Seetha Raman said expanding manufacturing will help India become self-sufficient. He hoped that India still has an opportunity to increase its manufacturing capacity as the world is focusing on the “China plus one strategy” after the Covid-19 pandemic.

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

Asif Iqbal

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