New Delhi, Feb 8 (IANS) Slamming the Congress Party’s claim on slow manufacturing sector growth under the NDA regime, the BJP has said that it is actually the other way round and from 2009 to 2014, the average growth rate of the manufacturing sector was at a meagre 5.6 per cent and the sector even backtracked in 2013-14, declining by 0.7 per cent as compared to 2012-13.
In a factsheet which busted the fallacious claims made by the Congress, the BJP said that India has been one of the fastest-growing major economies in the world, witnessing a major resurgence in the post-Covid era.
The Congress had claimed that the growth rate of the manufacturing sector has only averaged 5.8 per cent since 2013-14, while the NDA targeted a growth rate of 12-14 per cent.
“In 2012-13, the share of the manufacturing sector in the GDP declined from 15.7 per cent to 15.2 per cent over a year, and then further declined to 14.9 per cent in 2013-14,” according to the BJP factsheet.
The success of the PLI has also driven investment into the manufacturing sector, with the FDI inflows into the sector reaching $165.1 billion, a 69 per cent increase over the previous decade under UPA.
The ruling party further stated that India’s electronics exports hit $3.58 billion in December 2024 alone. Apple exported $12.8 billion worth of iPhones in 2024 — a direct result of India’s manufacturing push.
“About 99.2 per cent of mobile phones sold in India are now locally made, with annual production reaching 325–330 million units,” the BJP noted.
The Production-linked incentive (PLI) scheme has been a game-changer.
PLI scheme (Rs 1.97 lakh crore outlay) for 14 key sectors are driving manufacturing growth, as telecom equipment manufacturing surpassed Rs 50,000 crore in sales under the PLI scheme.
India has become the “Pharmacy of the World” and its drug and pharmaceutical exports soared from $15.07 billion in 2013-14 to $27.85 billion in FY 2023-24.
Drone industry also recorded a 90.74 per cent CAGR, positioning India as a leader in emerging technologies.
“Exports reached Rs 1.49 lakh crore in FY2023–24, almost matching imports, marking a historic shift towards self-reliance. The automobile sector also got a considerable boost, with the PLI directly generating sales worth Rs 2.25 lakh crore and creating over 1.5 lakh jobs for the sector,” according to the factsheet.
India’s Manufacturing PMI hit a 16-year high in February 2024, breaching the 59-point mark, confirming a steady expansion, unlike the frequent contractions under UPA.
The trade profile of the manufacturing sector has consistently posted record numbers, with the total exports from the sector being $422 billion in FY 2021-22, which further increased to $447.5 billion in FY 2022-23, according to the factsheet.
Moreover, the growth of jobs in manufacturing industries reached a 12-year high in 2022-23, with over 12.8 lakh jobs added in that particular year alone.
“This is in stark contrast to the UPA years, when over 4.8 lakh jobs were lost in the sector between 2011-12 and 2012-13,” said the BJP.
The resilient manufacturing sector under the NDA successfully overcame the Covid blip and also grew further. In comparison to 2018-19 (pre-pandemic level), there have been an additional 22 lakh jobs created in the manufacturing sector by 2022-23, the party added.
–IANS
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