Tue Oct 01 03:41:37 UTC 2024: ## India’s Manufacturing Sector Soars: Make in India Initiative Fuels Growth, Says Goyal

**New Delhi, India** – Union Minister of Commerce and Industry, Piyush Goyal, has attributed the robust growth in India’s manufacturing sector to the success of the Make in India initiative. Speaking to ANI, Goyal highlighted the latest Annual Survey of Industries (ASI) data, which shows a significant increase in manufacturing Gross Value Added (GVA) and employment.

The ASI report reveals a 7.3% increase in GVA, reaching ₹21.97 lakh crore in 2022-23, surpassing pre-pandemic levels. This growth is fueled by strong performance in sectors like basic metals, food production, and motor vehicles, showcasing India’s shift towards a manufacturing and consumption-led economy.

Goyal emphasized that the 7.5% growth in manufacturing employment and the 6.3% rise in average emoluments further solidify the success of Make in India. He attributed this progress to the government’s comprehensive approach, including a focus on innovation, skill development, and facilitating ease of doing business.

The Minister expressed optimism about India’s future, stating that the country is emerging as a global manufacturing and export hub. He cited the growing global recognition of India’s economic strength, bolstered by factors like strong macroeconomic fundamentals, job creation, and rising foreign exchange reserves.

Looking ahead, Goyal believes India is poised for sustained growth in both manufacturing and service sectors, leading to increased exports and job creation. He highlighted the government’s initiatives to further boost productivity and efficiency in the manufacturing sector, including the launch of the ₹2 lakh crore PM schemes for job creation and the approval of twelve new smart cities and industrial townships.

The Minister concluded by emphasizing Prime Minister Modi’s commitment to making India a manufacturing powerhouse through a multi-faceted approach that fosters innovation, research and development, and high-quality education and skills.

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