The country's manufacturing sector is recovering rapidly based on Make in India amid the worsening situation due to the epidemic and recession. New orders and investments have played an important role in this. According to Goldman Sachs, the production sector in 2021-22 has grown by 4.6 times over 2019-20 and 2.1 times in comparison to 2020-21. This sharp increase as compared to the pre-Corona level shows that Make in India has improved the situation to a great extent.
The main reason for this is new investment in the private sector, which has increased by 1.45 and 1.5 times compared to 2020 and 2021 respectively. According to the report, the announcement of new projects has also increased 1.4 times during this period. These include sectors like steel, petrochemicals, cement, vehicles, electronics, and data centers. New contracts increased by 55% in the current fiscal. Investment in the infrastructure sector has also increased by 1.35 times on the back of road construction.
Benefit from PLI too
Make in India accelerated the development. The government proposed a Production Based Incentive (PLI) scheme for 13 sectors in 2020-21. A provision of Rs 1.97 lakh crore has been made for this. It has been approved by the cabinet. These include ACC batteries, textile, steel, etc.
The contribution of the private sector is important
Government sector tenders in 2021-22 remained almost the same as compared to 2018-19, but new projects from the private sector increased by 1.45-1.5 times.
Exports also benefited. Engineering products exports grew 33 percent over the previous year to $9,440 million in February 2022.
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