'Make In India' Strengthens Manufacturing Sector, Attracts $600 Bn FDI: Petroleum Minister

India has achieved much over the past decade: the economy has developed and is globally integrated, marking improved macroeconomic stability. In addition to this, the business environment and governance standards have also witnessed an upgrade, according to reports. Yet, global economic headwinds are a matter of concern as they hinder growth. But amid geopolitical tensions, India has stood as the fastest-growing economy in the world, with an average 5.5 per cent growth in the gross domestic product over the past decade, said Kotak Mahindra Bank in its report.

In the 115th Annual General Meeting of the IMC Chamber of Commerce and Industry, Hardeep Singh Puri, Minister of Petroleum & Natural Gas, Housing & Urban Affairs (P&NG and H&UA), said that despite global turbulence and domestic challenges, India ranks as the 5th largest economy worldwide. The growth not only reflects the sheer tenacity of the Indians but also the prudence of the PM's leadership, he added.

He stressed that today India's Gross and Domestic Products (GDP) has reached USD 3.75 trillion, projecting around 15 per cent of global growth in 2023.

Talking about the 'Make in India' initiative, Puri said it not only strengthens the nation's manufacturing sector but also creates an attractive investment destination for global investors. Testament to that, we have attracted nearly USD 600 billion in Foreign Direct Investment (FDI) from 2014 to 2021, Singh underlined.

Furthermore, the minister highlighted the Centre's implemented pro-growth reforms and initiatives, such as the 'Ease of Doing Business,' where a reduction of around 40,000 compliances was observed, leading to an improvement in the industrial ecosystem and attracting global investors.

The Prime Minister's Employment Generation Programme (PMEGP) has already created over 70 lakh jobs, and the export of coir products has reached 110 countries, Singh said.

Singh then put the spotlight on India's successful ethanol blending in petrol, which increased from 1.53 per cent in 2013–2014 to more than 11.5 per cent in March 2023. The ethanol blending in petrol has also increased from 38 crore litres in 2013–2014 to 433.6 crore litres in 2021-2022, he shared, stressing the achievement of a 10 per cent ethanol blending in petrol in June 2022, much ahead of its target.

The Minister said that in the last nine years, there has been a transformative change in India. We are focused on more such developments and welfare to be laid for a strong and prosperous country, and we remain committed to that vision.