Lok Sabha Question No. 3641 (UNSTARRED), answered on 2023-03-22
Subject: Evaluation for Growth Rate of Industrial Production
Ministry: COMMERCE AND INDUSTRY
Asked by: E. T. Mohammed Basheer

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

## LOK SABHA

## UNSTARRED QUESTION NO. 3641. TO BE ANSWERED ON WEDNESDAY, THE 22 ND  MARCH, 2023.

## EVALUATION FOR GROWTH RATE OF INDUSTRIAL PRODUCTION

## 3641.  SHRI E.T. MOHAMMED BASHEER:

Will the Minister of COMMERCE AND INDUSTRY be pleased to state:

वाणिज्य एवं उद्योग मंत्री

- (a) whether the Government has evaluated the growth rate of industrial production under the Atmanirbhar Bharat initiative;
- (b) if so, the details thereof; and
- (c) whether the Government has analysed the steps to be taken in connection with the furtherance of the production for the above purpose and if so, the details thereof?

## 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) & (b): The industrial sector experienced a growth of 5.4 per cent during the AprilJanuary  2022-23  over  the  corresponding  period  last  year  as  per  the provisional estimates of Index of Industrial Production (IIP).
- (c): To  boost  the  industrial  growth,  Government  has  undertaken  various steps  to boost industrial performance. Key initiatives include the launch of Make in India to   boost  manufacturing  in  India,  Start-up  India  to  build an ecosystem for nurturing innovation  and  start-ups,  introduction  of Production  Linked  Incentive  (PLI)  Scheme across  fourteen  sectors  to augment the manufacturing capacity, introduction of the   Insolvency and Bankruptcy Code (IBC) to de-stress the banking sector,  rationalization  of labour laws to increase employment, and reduction in the   corporate tax rate  to  boost  private  investment,  among  others.  Additional  initiatives included a special package for the textile industry, regional connectivity measures for the transport sector, and power sector schemes including Ujjwal  DISCOM                                    Assurance  Yojana  (UDAY).  The  introduction  of  the Goods and Services Tax (GST) has improved the growth momentum in the economy  by  reducing  barriers  to trade, business,  and  related

economic activities.

In the Union Budget 2022-23, the Capex budget was increased by 35.4 per cent over the previous year, PM Gatishakti was launched for integrated planning of infrastructure and synchronized project implementation across all  concerned  Central  Ministries,  Departments  and  State  Governments, and Emergency Credit Line Guarantee Scheme (ECLGS) was extended to provide  continued  support  to  MSMEs,  among  others.  As  part  of  the Atmanirbhar Bharat Mission, the government  also commenced implementation of the National Infrastructure Pipeline of projects to drive economic growth in the years ahead. The National Logistics Policy was launched in September 2022 to lower the cost of logistics at par with other developed countries. The Union Budget 2023-24 has also announced specific measures to  drive growth. These include a substantial increase in capital investment outlay for the third year   in a row by 33 per cent to ₹10 lakh crore (3.3 per cent of GDP) To increase private investment in infrastructure, the newly established Infrastructure Finance Secretariat  will  provide  the  oversight.  Further,  to improve logistics performance, one hundred critical transport infrastructure projects, for last and first-mile connectivity for ports, coal, steel, fertilizer, and  food  grains  sectors,  have  been  identified  and  will  be  prioritized  for

development.

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