Replying to a debate in Rajya Sabha, the upper house of Parliament, Sitharaman said, ‘All sectors are growing significantly. Because of the Make-in-India programme and PM Modi’s schemes, the manufacturing sector is also significantly contributing to the economy.’
Policies of the central government like production-linked incentive (PLI) scheme and Make-in-India have helped develop India as the second most sought after manufacturing destination and the fastest growing economy in the world, Finance Minister Nirmala Sitharaman said on Thursday.
Replying to a debate in Rajya Sabha, the upper house of Parliament, Sitharaman said, “All sectors are growing significantly. Because of the Make-in-India programme and PM Modi’s schemes, the manufacturing sector is also significantly contributing to the economy.”
She noted that manufacturing sector growth surged to 13.9% in the second quarter of the current financial year.
Referring to S&P Global data, the finance minister said Purchasing Managers’ Index (PMI) in November stood at 56. “It is in the expansionary territory,” she added.
PMI for manufacturing rose to 56 in November from 55.5 recorded in the previous month, on the back of strengthening demands and low input costs, as per data released by S&P Global earlier this month. The PMI print above 50 indicates growth in the sector while below 50 shows contraction. Manufacturing PMI has been above 50 for 29 months in a row.