Lok Sabha Question No. 1016 (UNSTARRED), answered on 2023-02-08
Subject: Growth Rate
Ministry: COMMERCE AND INDUSTRY
Asked by: Sisir Kumar Adhikari

## GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT FOR PROMOTION OF INDUSTRY AND INTERNAL TRADE

## LOK SABHA

## UNSTARRED QUESTION NO. 1016. TO BE ANSWERED ON WEDNESDAY, THE 08 TH  FEBRUARY, 2023.

## GROWTH RATE

## 1016.  SHRI SISIR KUMAR ADHIKARI:

Will the Minister of COMMERCE AND INDUSTRY

## वाणिज्य एवं उद्योग मंत्री

- (a) whether it is a fact that indian industry recorded a substantial increase of 34.5% on a  year-on-year  basis  in  2022  but  is  still  behind  the  2009-2014  and  2014-2019 average growth rate;
- (b) if so, the detailed study report of World Bank therein on the sector; and
- (c) the comprehensive view and plan details of the Government to sustain industry market  and  employment  generation  over  200  billion  dollar  market  by  the  year 2025?

## ANSWER

## वाणिज्य एवं उद्योग मंत्रालय में राज्य मंत्री ( श्री सोम प्रकाश ) THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE & INDUSTRY (SHRI SOM PARKASH)

- (a) to (c) : As per the Index of Industrial Production (IIP), the industrial growth during 202122 was 11.7 per cent over the corresponding period of the last year. Whereas, annual average growth of IIP was 3.4 per cent and 3.2 per cent respectively during the period 2009-14 (Base year: 2004-05) and 2014-19 (Base Year: 2011-12).

Government has undertaken various steps to boost industrial performance. These include  introduction  of  Goods  and  Services  Tax,  reduction  in  Corporate  tax, interventions  to  improve  ease  of  doing  business,  measures  for  reduction  in compliance burden, policy measures to boost domestic manufacturing through public procurement orders, Phased Manufacturing Programme (PMP), FDI policy reforms.

The  series  of  measures  taken  by  the  Government  to  improve  the  economic situation and convert the disruption caused by COVID 19 into an opportunity for growth includes Atmanirbhar  packages,  introduction of Production Linked Incentive (PLI) Scheme across fourteen sectors to augment the manufacturing capacity,  investment  opportunities  under  National  Infrastructure  Pipeline  (NIP) and National Monetisation Pipeline (NMP),  soft launch of National Single Window System (NSWS), etc. An institutional mechanism to fast- track investments has been  put  in  place,  in  the  form  of  Project  Development  Cells  (PDCs)  in  all concerned Ministries/ Departments of Government of India.

be pleased to state:

The Emergency Credit Line Guarantee Scheme (ECLGS), with provision of Rs 3 lakh crore which has now increased to Rs. 5 lakh crore, is in the form of a fully guaranteed emergency credit line to monitor lending institutions. Financial support has been given to the stressed MSMEs with infusion of Rs.20,000 crore equity support through Subordinate Debt. Fund of Funds created to infuse equity worth Rs.50,000  crore  in  the  MSME  Sector  by  setting  up  Rs.10,000 crore Corpus Fund.

Also,  Government  is  ensuring  timely  payment  to  the  MSMEs  by  instructing  all Government of India and CPSEs to clear all receivables of MSMEs within the next 45  days.  Procurement  from  domestic  companies  is  being  encouraged by disallowing global tender in government procurement tenders upto Rs 200 crores. In Union Budget 2023- 24, an amount of Rs 9000 crore infused in the corpus of revamped Credit Guarantee Scheme for MSEs which will be effective from 1st April, 2023. This would enable additional collateral-free guaranteed credit of Rs 2 lakh crore.

Government has focused on infrastructure development. PM Gati Shakti-NMP & Logistics Policy facilitate development of infrastructure and last mile connectivity to reduce the logistic  cost and increase the efficiency of economy. Capital investment outlay in the Budget has increased almost 3 times from Rs. 3.39 lakh crore in 201920 to Rs. 10 lakh crore in 2023-24.

## ********