‘India is 2nd most sought after manufacturing destination in world’: Sitharaman - Hindustan Times
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‘India is 2nd most sought after manufacturing destination in world’: Finance minister Sitharaman

Dec 07, 2023 05:12 PM IST

Finance minister Nirmala Sitharaman credited Make in India programme and PM Modi's schemes, and said the manufacturing sector is contributing to the economy.

India is the second most sought-after manufacturing destination in world, finance minister Nirmala Sitharaman told Rajya Sabha on Thursday.

Finance minister Nirmala Sitharaman speaks in the Rajya Sabha on Thursday. (Sansad TV)
Finance minister Nirmala Sitharaman speaks in the Rajya Sabha on Thursday. (Sansad TV)

“Manufacturing sector contributes significantly to economy on the back of various measures like PLI scheme,” the minister said.

“All sectors are growing significantly. Because of the Make in India programme and PM Modi's schemes, the manufacturing sector is also significantly contributing to the economy. The manufacturing sector is contributing 13.9 per cent to the economy. The Purchasing Managers Index (PMI) in November was 56. It is in the expansionary territory, so sustained growth is indicative of the growth,” Sitharaman said.

“Our second quarter growth has been very high and it is the highest in the world and we continuously maintained that momentum of being the fastest-growing economy,” she added.

“Our second quarter growth is the highest in the world and we continue to maintain the momentum of being the fastest growing economy. During the same same quarter - July to September, 2023, the third and fourth largest economies of the world contracted. For India to reach 7.6% in the second quarter, it's a very significant number. In just last eight years, India has become the world's fifth largest economy,” Sitharaman told the House.

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‘No spectacular announcements’

Earlier in the day, Sitharaman said that the Budget 2024 will not have any ‘spectacular announcements’. It will be a vote on account to be tabled weeks ahead of the 2024 general elections.

Sitharaman said the budget will only be tabled for the expenditure of the government till a new government is formed after the 2024 general elections.

"It is a matter of truth that the February 1, 2024 budget that will be announced will just be a vote on account because we will be in an election mode. So the budget that the government presents will just be to meet the expenditure of the government till a new government comes to play," she said.

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