New Delhi [India], September 30 (ANI): 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.
Addressing the 118th Annual Convention of the PHD Chamber of Commerce and Industry (PHDCCI), Hardeep Singh Puri said, "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."Speaking about India's manufacturing aspirations, Hardeep Singh Puri said that the manufacturing sector currently comprises 17 per cent of the nation's GDP and over 27.3 million workers.
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.
Shri Hardeep Singh Puri said that the Performance-linked Incentives (PLI) scheme has revolutionised manufacturing in 14 strategic sectors. He said that there has been an increase of 76 per cent in FDI in the manufacturing sector due to PLI schemes.
"Over the next five years, the PLI schemes are expected to create 60 lakh additional jobs," he said.
Speaking about the transformational impact of PLI, the Minister said that there was a 20 per cent value addition in mobile manufacturing within a period of 3 years, and a 139 per cent increase in exports of smartphones.
During the event, the Minister also spoke about the transition witnessed by the energy sector in recent years. He said that India is simultaneously pursuing both traditional fuel exploration and energy transition.
The minister said that India aims to increase its net geographic area under exploration from 8 per cent (0.25 million sq. kms.) to 15 per cent (0.5 million sq. kms.) by 2025.
India is a global exporter of petroleum products, and boasts the fourth-largest refining capacity globally, he added.
Referring to the significant milestones achieved in the biofuel revolution, he noted that ethanol blending has increased from 1.53 per cent in 2013-14 to 11 per cent in 2023.
He said that India has also launched the National Green Hydrogen Mission with an allocation of Rs. 19,744 crores to develop a green hydrogen ecosystem.
Talking about India's journey towards green energy transition, he said," India is supporting electric vehicles through PLI, and alternative fuel stations will be established at 22,000 retail outlets by May 2024." (ANI)