Slowdown In Manufacturing Sector
As per the latest available estimates of Gross Domestic Product (GDP)by National Statistical Office, the Gross Value Added (GVA), at constant prices (2011-12), for the manufacturing sector registered a growth of 6.9 per cent in the year 2018-19 as compared to a growth of 5.9 per cent in the year 2017-18.
Overall performance of manufacturing sector is an interplay of several factors such as domestic demand, demand for exports, level of investment and prevailing prices. The Government has been continuously taking steps to boost manufacturing. Key initiatives taken, inter-alia, include:
♦ ‘Make in India’ initiative under which thrust sectors have been identified to provide a push to manufacturing in India.
♦ ‘Startup India’ initiative for encouraging self-employment.
♦ ‘Ease of Doing Business’ where the Government aims at creating a conducive environment by streamlining the existing regulations, processes and eliminating unnecessary requirements/procedures.
♦ Foreign Direct Investment (FDI) policy and procedures have been simplified and liberalised progressively.
♦ Recent budget has further rationalized corporate tax and custom duties.
This information was given by the Minister of Commerce and Industry, PiyushGoyal, in a written reply in the Rajya Sabha.