“We have identified 24 industry sectors, which we believe, can add Rs 20 lakh crore of annual manufacturing in India… This will provide people- no less than 3 crore people-some working opportunity directly and indirectly,” he said while addressing.
The minister also said the exports target of $1 trillion and GDP of $5 trillion are “doable” as the economy is rebounding and the government expects positive growth from next quarter onwards.
New Delhi: Commerce and industry minister Piyush Goyal on Wednesday said the government has identified 24 industry sectors which can add Rs 20 lakh crore of annual manufacturing in India and generate direct and indirect employment opportunities for 3 crore people.
“We have identified 24 industry sectors, which we believe, can add Rs 20 lakh crore of annual manufacturing in India… This will provide people- no less than 3 crore people-some working opportunity directly and indirectly,” he said while addressing the Board of Trade (BoT) meeting.
Drones, robotics, electric vehicle equipment, ceramics and glass, ethanol, ready to eat food, aluminium, gym equipment, toys and sporting goods are some sectors where India wants to increase its manufacturing and reduce imports as most of these goods from China.
The minister also said the exports target of $1 trillion and GDP of $5 trillion are “doable” as the economy is rebounding and the government expects positive growth from next quarter onwards.
“Both are doable as the country is rebounding. We do believe positive growth from next quarter onwards. Industry has become more resilient,” he said.
At the same event, minister of state Hardeep Singh Puri said there is a need to increase India’s share in global exports to 3% from 1.8% now in the next five years by realigning the export basket to cover high tech and high value added products.
Commerce secretary Anup Wadhawan said that exports declined 17.84% on year in the April-November period while imports fell 33.56%.
“In 2020-21, April to November, there has been a decline of 17.84% in our exports...If we exclude gems and jewellery and petroleum, then the decline is lower....In the sectors where economic activity is more meaningful in terms of value addition, there the decline is much lower,” he said.
Wadhawan said that certain sectors did well such as pharma which grew 15%, rice (39%), and iron ore (62%) and that this growth needs to be sustained.
“The silver lining is that our trade deficit has lowered but to an extent it is indicative of a slowdown and we need to be concerned as to what are the reasons behind the imports falling,” he said.
He also said that on the BoT’s agenda is to develop districts as export hubs and linked to that is the agriculture export policy which the government is trying to implement.
Source: https://m-economictimes-com.cdn.ampproject.org/c/s/m.economictimes.com/news/economy/policy/24-industries-can-add-rs-20-lakh-crore-annual-manufacturing-jobs-for-3-crore-people-piyush-goyal/amp_articleshow/79532549.cms