Slammering the claim of the Congress Party that it is the Congress that has the growth of manufacturing sector slow and the NDA regime is rather to be blamed for this dismal scenario, BJP said that from 2009 to 2014, it was actually just the opposite- the average growth rate of manufacturing sector was just at a paltry 5.6 percent and the sector even backtracked in 2013-14, declining by 0.7 percent compared to 2012-13.
In the factsheet with which the fallacious claims were busted by Congress, BJP added that India was one of the fastest-growing major economies in the world and is witnessing a huge 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 PLI has also been successful in pushing investment into the manufacturing sector. The FDI inflows into the sector rose to $165.1 billion, up by 69 percent over the last decade under the UPA.
The ruling party further said that India's electronics exports have crossed $3.58 billion for December 2024. Apple (NASDAQ:AAPL) 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 emerged as the "Pharmacy of the World" and its drug and pharmaceutical exports increased to a whopping $27.85 billion FY 2023-24 levels from $15.07 billion for 2013-14.
Again, the drone industry has witnessed a CAGR of 90.74 percent, and India is always above the curve for emerging technologies.
Exports touched Rs 1.49 lakh crore in FY2023–24, close to imports, marking a historic shift towards self-reliance. The automobile sector also received a significant 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.
In addition, the number of jobs in manufacturing industries grew to a 12-year high in 2022-23, with more than 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 of the NDA successfully overcame the Covid blip and also grew further. In comparison to 2018-19 (pre-pandemic level), there have been additional 22 lakh jobs created in the manufacturing sector by 2022-23, the party added.
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