Synopsis
New Delhi, Feb 8 (NationPress) The BJP has countered Congress's allegations of slow manufacturing sector growth under NDA, revealing an average growth rate of only 5.6% from 2009 to 2014. The PLI scheme is credited with significant job creation and investment boosts.Key Takeaways
- Manufacturing sector growth rate averages 5.6% from 2009-2014.
- $165.1 billion in FDI inflows into manufacturing.
- Electronics exports hit $3.58 billion in December 2024.
- Manufacturing PMI at a 16-year high in February 2024.
- Job creation reached 12.8 lakh in 2022-23.
New Delhi, Feb 8 (NationPress) Criticizing the Congress Party's assertion regarding sluggish growth in the manufacturing sector during the NDA administration, the BJP contended that the reality is quite the opposite. Between 2009 and 2014, the manufacturing sector's average growth rate was a mere 5.6 percent, with a decline of 0.7 percent in 2013-14 compared to 2012-13.
A detailed factsheet released by the BJP refuted the misleading claims made by Congress, highlighting that India has emerged as one of the fastest-growing major economies globally, particularly experiencing significant recovery in the post-Covid landscape.
The Congress Party alleged that the manufacturing sector's growth rate has averaged only 5.8 percent since 2013-14, while the NDA aimed for a target of 12-14 percent.
According to the BJP's factsheet, “In 2012-13, the contribution of the manufacturing sector to GDP fell from 15.7 percent to 15.2 percent in just one year, and further decreased to 14.9 percent in 2013-14.”
The success of the Production Linked Incentive (PLI) scheme has significantly boosted investments in the manufacturing sector, with Foreign Direct Investment (FDI) inflows reaching $165.1 billion, marking a 69 percent increase compared to the previous decade under the UPA.
The ruling party further noted that India's electronics exports alone amounted to $3.58 billion in December 2024. Apple exported $12.8 billion worth of iPhones in 2024, a direct outcome of India's manufacturing initiatives.
“Approximately 99.2 percent of mobile phones sold in India are now manufactured locally, with annual production reaching 325-330 million units,” the BJP emphasized.
The PLI scheme, with a total outlay of Rs 1.97 lakh crore for 14 key sectors, has been pivotal in propelling manufacturing growth, as sales in telecom equipment manufacturing soared past Rs 50,000 crore under this scheme.
India has earned the title of the “Pharmacy of the World,” with drug and pharmaceutical exports increasing from $15.07 billion in 2013-14 to $27.85 billion in FY 2023-24.
The drone industry also experienced a remarkable 90.74 percent CAGR, establishing India as a frontrunner in emerging technologies.
“Exports reached Rs 1.49 lakh crore in FY 2023-24, nearly matching imports, indicating a significant shift towards self-reliance. The automobile sector also received a substantial boost, with the PLI generating sales worth Rs 2.25 lakh crore and creating over 1.5 lakh jobs,” according to the factsheet.
India's Manufacturing PMI reached a 16-year high in February 2024, exceeding the 59-point mark, signifying consistent growth, unlike the frequent downturns observed during UPA.
The trade statistics of the manufacturing sector have consistently demonstrated record achievements, with total sector exports valued at $422 billion in FY 2021-22, further increasing to $447.5 billion in FY 2022-23, as indicated by the factsheet.
Additionally, job growth in manufacturing industries hit a 12-year peak in 2022-23, adding over 12.8 lakh jobs in that year alone.
“This starkly contrasts with the UPA years, during which the sector witnessed a loss of over 4.8 lakh jobs between 2011-12 and 2012-13,” the BJP stated.
The resilient manufacturing sector under the NDA effectively navigated the challenges posed by Covid and continued to expand. Compared to pre-pandemic levels in 2018-19, an additional 22 lakh jobs were created in the manufacturing sector by 2022-23, the party concluded.
