INDIA: Finance Minister Nirmala Sitharaman, who is known for her phenomenal abilities to bring about a new change in India, recently made her way to the Peterson Institute for International Economics in Washington, D.C. The political stalwart brought everyone’s attention towards India’s role in the global value chains. She said India’s growth is sustainable as it attempts to grow its manufacturing sector.
“India is focusing more on skilling and digitisation to make living easier. Besides this, there will be transparency and formalization of the economy,” Sitharaman added.
Sitharaman, on the sidelines of the Spring Meetings 2023, said India has brought opportunities for all other countries to address debt distress in middle and low-income countries. While in conversation with the institute’s president, Adam Posen, the leader said that India is deliberately working ahead to boost the capacity of the manufacturing unit’s everyday consumer goods. However, it ended up importing the same products from somewhere else because of the cheaper rates.
“But now we see there is an opportunity. From a consumer point of view, even within India, there is enough purchasing power and many of these goods that can be produced in India will have a large consumer base in the country. Two, the phased manufacturing programmes we have come up with have identified several such goods that we will incentivise producing and selling within India and then move to a higher level of sophistication in the making of such goods,” Sitharaman said.
The leader hailed the initiative of the mobile manufacturing setup in India, which has witnessed a boom over the last nine years. Further, the cabinet minister referred to the production-infused incentive scheme in 13 priority sectors and said, “By doing that, we hope to have production of many of these large, bulk manufactured goods that can go from India abroad to meet demands that exist outside.”