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Finance Minister’s Call for Boosting Manufacturing Sector

Finance Minister Nirmala Sitharaman recently emphasized the need for India to focus on increasing its manufacturing sector in order to enhance its position in the global value chain and achieve self-reliance. Speaking at the CII Annual Business Summit, she highlighted the importance of advancing product manufacturing capabilities and providing policy support.

She dismissed the advice from some economists who suggest that India should not prioritize manufacturing growth, stating that it is crucial for the country to ramp up its manufacturing sector. Sitharaman emphasized that India must leverage policies to enhance its share in the global value chain.

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Opportunities for India in the Global Manufacturing Landscape

Sitharaman expressed optimism about India’s potential to strengthen its manufacturing capabilities in the aftermath of the COVID-19 pandemic, as the world is embracing the China-plus one strategy. She cited a report by the Capgemini Research Institute, which positions India as a top investment destination for executives from Europe and the US looking to diversify their manufacturing operations away from China.

The Production Linked Incentive (PLI) scheme in the telecom sector has played a significant role in boosting India’s self-reliance, with 60% import substitution achieved in this industry. This success story illustrates the vast opportunities available to the Indian industry, as the PLI scheme continues to drive transformations in the mobile and electronics sectors.

India has made remarkable progress in reducing import dependence, with 99% of mobile phones sold in the country now being domestically manufactured. Notably, India has emerged as Apple’s second-largest manufacturing hub for iPhones outside of China, with exports reaching $1.1 billion last year. The value addition in electronics and smartphone manufacturing has also witnessed substantial growth, surpassing 20% from negligible levels in 2014-15.

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