New Delhi: In a significant address on the nation’s economic trajectory, Minister of Revenue, Mr. PC, shed light on a pivotal inflection point that has taken place in India’s manufacturing sector.
Reflecting on the historical context, Mr. PC underscored that for 40 to 50 years post-independence, the manufacturing landscape faced consistent challenges and downturns.
However, the current scenario paints a different picture, with the country gearing up for an imminent achievement: 1 trillion dollars in exports. The cornerstone of this economic milestone is the robust growth in the manufacturing sector. As of today, India’s exports have soared to an impressive 762 billion dollars, with goods accounting for 453 billion dollars and services contributing 309 billion dollars to this substantial figure.
Mr. PC delved into the employment landscape, noting that informal employment is now at least twice as prevalent as formal employment in the nation. Formal employment figures have experienced a notable shift, decreasing from an average of 6 lakh per month (approximately 70 lakh per year) to the current 14-15 lakh per month on average (around 1 crore 80 lakh per year).
Reflecting on the evolution of export dynamics over the past decade, Mr. PC emphasized that India has moved beyond traditional exports like petroleum and rice. Illustrating this point, he highlighted the exponential growth in mobile phone exports, which surged from 11 billion dollars last year to an anticipated 50 billion dollars this year, with exports projected to exceed 15 billion dollars.
In addition to mobile phones, Mr. PC highlighted the diversification of India’s export portfolio. Toys, once solely imported, now contribute significantly to the country’s exports, reaching a noteworthy Rs. 4,000 crore in the 2022-23 period.
Providing a breakdown of key export sectors in 2022-23, Mr. PC shared the following data:
Petroleum: 97 billion dollars
Pharmaceuticals: 19 billion dollars
Telecom equipment: 12 billion dollars
Electrical machinery: 11 billion dollars
Aluminum: 8 billion dollars
Motor Vehicles: 8.7 billion dollars
Electronic components: 4 billion dollars
Iron and steel: 13 billion dollars
Moreover, Mr. PC highlighted the strategic collaboration with TDK, a prominent Japanese company. TDK has committed to manufacturing mobile phone batteries in India, signaling a positive trend of global companies recognizing India’s manufacturing capabilities. He also acknowledged Tata’s precision in manufacturing casings for mobile phones.
In conclusion, Hon’ble Minister of Revenue, Mr. PC, expressed optimism about India’s manufacturing sector, emphasizing that the current achievements are indicative of a transformative era in the nation’s economic landscape.
