Photo for representational purpose.
Credit: iStock photo
Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey, a comprehensive document on the state of the Indian economy, ahead of the Union Budget, which will be presented on July 23.
Here's what the Economic Survey says on the industrial sector:
With the four industrial sub-sectors experiencing positive growth, the industrial sector as whole grew by 9.5 per cent in FY24.
Despite Covid-19 and the impairment of manufacturing value chains becoming a hindrance, the manufacturing sector was able to achieve a growth rate of 5.2 per cent.
During FY24, the steel sector achieved its highest levels of production and consumption and became a net exporter of finished steel over the past 10 years.
With a rise in coal production over the past five years, the nation has reduced its dependency on coal imports.
Currently valued at $50 billion, India's pharmaceutical market is world's third largest by volume.
Already having the moniker of being world's second-largest clothing manufacturer, India's export of textiles and apparel, including handicrafts, increased by 1 per cent, reaching 2.97 lakh crore in FY24.
Since 2014, India's electronic manufacturing sector has seen a boost, with the sector accounting for 3.7 per cent of the global market share in FY22. Domestic production also increased to Rs 8.22 lakh Crore, while exports rose to 1.9 lakh crore in FY23.
Government initiated PLI schemes have improved the ease of doing business. The PLI schemes have attracted significant investments.
Union Budget 2023-24 allocated Rs 9,000 Crore to the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) in order to support the MSME sector.
The government has taken various interventions like notification of Patent Rules 2024, passing of the Anusandhan National Research Foundation (ANRF) Bill 2023, and The Bharat Startup Knowledge Access Registry in order to create an environment which fosters startup culture.
From about 300 start-ups in 2016, the number of DPIIT-recognised start-ups increased to more than 1.25 Lakh by March 2024.
The government wants to incentivise the combination of industry and academia. It also wants to puts emphasis on vocational education in curricula. In the future, this combination is expected to address the issue of skill shortage.
Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.