Finance Minister Advocates Increased Investment In Manufacturing Sector At CII Annual Summit

“Manufacturing must increase, India must also increase manufacturing with the help of policies, its share in manufacturing in global value chains. So we need to have greater sophistication in our product manufacturing and we also need to see how this can be given the best policy support” said the minister

“IMF estimated that India’s contribution to the global growth for five years beginning 2023, will be 18 per cent, So between 2023 and 2028 we are looking at an India which will be dynamic contributing to 18 per cent to the global growth,” said the minister.

“The Indian consumer market is likely to double by 2031, there is 2.9 trillion-dollar opportunity in that. The report also suggests that consumer spending on food in India is estimated to rise to 1.4 trillion US dollars, again one trillion dollar opportunity lies in waiting” the minister added.

Quoting the S&P report the minister further adds that the opportunities in India’s financial market is great too “Spending on financial services will climb to 670 billion us dollars, there is 390 billion opportunity waiting for us. These are the opportunities that are untapped till now”