Riyadh: Saudi Gazette, an English-language daily, has lauded India’s industrial sector, especially the ‘Make in India’ initiative which promotes manufacturing in India and has been a pushing factor for the country’s economic growth.
The manufacturing sector continued to contribute to India’s GDP growth and helped the country achieve its aim of becoming an ‘Atmanirbhar’ economy or self-reliant economy.
Though India’s industrial growth was hit by COVID-19 and resulted in negative growth, still the industrial sector contributed to the country’s growth, reports Saudi Gazette.
According to the National Statistical Office (NSO) data, the Index of Industrial Production (IIP) in India got increased to 131.4 points in July 2021 as compared to 117.9 points last year.
In the annual meeting of the Confederation of Indian Industry (CII) which happened last month, the scope of the industry and manufacturing was highlighted in the meeting and efforts of the central government in promoting industries through reforms were discussed.
India’s defence exports have jumped more than four times in the last seven years. In the last 7 years, the Country’s defence exports have crossed INR 38,500 Crore.
According to data provided during the monsoon session in Lok Sabha, India’s defence export stood at 1,940 crore rupees in 2014-15, which has increased to more than 8,434 crore rupees in 2020-21.
Along with the ‘Make in India’ initiative, India has also started with Production-Linked Incentive schemes to boost employment and exports.
Also, the government has also removed retrospective taxation, reports Saudi Gazette.
Despite the pandemic, India has pushed itself towards self-reliance and making steady growth in the industry sector. The country also handled the COVID-19 outbreak and has touched milestones in vaccination.