Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Finance Minister Nirmala Sitharaman Urges Industry to Enhance Manufacturing Value Chain

Reading Time: < 1 minute

Finance Minister Nirmala Sitharaman has emphasized the need for India to ramp up its manufacturing sector in order to increase its share in the global value chain and achieve self-reliance. Speaking at the CII Annual Business Summit, Sitharaman highlighted the importance of enhancing sophistication in product manufacturing and providing policy support to the industry.

Contrary to the advice of some economists, Sitharaman asserted that India must focus on increasing its manufacturing capabilities. She stressed the significance of India’s participation in the global value chain through policies that promote growth in the sector.

With the world adopting a China-plus one strategy in the wake of the COVID-19 pandemic, Sitharaman expressed optimism about India’s potential to enhance its manufacturing capacity. She cited a Capgemini Research Institute report which ranked India as a top investment destination for executives in Europe and the US looking to diversify their manufacturing operations.

Sitharaman highlighted the success of the Production Linked Incentive (PLI) scheme in the telecom sector, which has significantly reduced import dependence and boosted domestic manufacturing. She noted that India has achieved 60% import substitution in the telecom sector, showcasing the potential for growth in the Indian industry.

The Finance Minister also pointed out the transformation in the mobile and electronics sectors due to the PLI scheme, with India emerging as a major manufacturing hub for companies like Apple. She highlighted the increase in value addition in electronics and smartphone manufacturing, indicating significant progress since 2014-15.

Overall, Sitharaman’s remarks underscore the importance of strengthening India’s manufacturing sector to achieve self-reliance and enhance its position in the global value chain.

Taylor Swifts New Album Release Health issues from using ACs Boston Marathon 2024 15 Practical Ways To Save Money