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Our Government has announced Rs 1.50 lakh crore for industries in India

By Rahul Kamat,

Added 19 April 2023

During his address at The Festival of Manufacturing, Dr Bhagwat Karad, Minister of State, Ministry of Finance, Government of India talked about India's possible dominance in the manufacturing world.

Today, I am happy to be a part of the Festival of Manufacturing organised by the Times of India group. Festivals and celebrations are a core part of what brings India together as a nation of diversity, making a positive impact throughout communities.

The Festival of Manufacturing is also an important networking opportunity for manufacturers. With attendees from all over India, the conference provides a platform for manufacturers to meet and build relationships with potential suppliers, customers, and partners. The conference also provides opportunities for manufacturers to collaborate on research and development projects.

In fact, what I liked about this festival is its focus on workforce development. With an ageing workforce and a shortage of skilled labour, workforce development is a critical issue for the

manufacturing industry. The conference provides a platform for manufacturers to learn about the latest workforce development initiatives and best practices for attracting and retaining skilled workers.

That said, the manufacturing sector has been making salient contributions in silhouettes. I was surprised to know that the organisers are felicitating the ground-level workers from manufacturing plants who have made an altruistic difference in their organisation. I feel such an initiative will make India more Saksham and Sashakta.

What's more? The government of India is giving importance to the Make in India and Atma Nirbhar Bharat, Ease of Doing Business, PLI Schemes, Startup India etc which are helping various industries. My ministry, i.e. Ministry of Finance has announced Rs 1.50 lakh crore to help state governments in India of which Rs 50,000 crore is allocated for states based on their performances in various reforms they are undertaking, especially industry reforms.

Our government has transformed India into a country of hope by creating immense opportunities for global trade and commerce. Our government has focussed on two key aspects for the growth of trade and investment, namely the creation of a robust financial network and an ecosystem-based approach to growth.

Our government believes that the reforms are important to improve the quality and production which is why we can witness India as a country becoming a global hub for the manufacturing sector. At present, we are the 5th largest economy in the world, and to become the 3rd largest economy, we have to give impetus to the manufacturing sector and look beyond agriculture.

 

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