“Global supply chains are realigning. India is emerging as an alternative supply source given its raw materials, low labour costs, growing manufacturing knowhow, and entrepreneurial ability”, said Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas and Housing & Urban Affairs at an event today. He was addressing the 118th Annual Convention of PHD Chamber of Commerce and Industry (PHDCCI).
Speaking about India’s manufacturing aspirations, Shri Hardeep Singh Puri said that the manufacturing sector currently comprises 17% of the nation’s GDP and over 27.3 million workers. He said that the Prime Minister’s clarion call for ‘Make in India, Make for the World’ at the World Economic Forum this year was a signal that India is ready and keen to increase the share of manufacturing to 25% by 2025.
The minister said that Economic reforms and policies such as GST, IBC, asset monetization, labour law reforms, PLI, National Infrastructure Pipeline, and Gati Shakti mission for multimodal connectivity, have fixed many structural deficits.
Referring to the strong industrial base of India, the Union Minister highlighted that India is second-largest producer of steel; second-largest producer of cement; and second-largest producer of coal. Talking about the infrastructure, the country has second-largest construction of built environment; fourth-largest railway network; and second-largest road network. Noting about the automobile industry the Minister said that India is largest producer of two-wheelers and fourth-largest producer of four-wheelers.
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