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Mallikarjun Kharge, the president of the Indian National Congress, has expressed his party's resolve to make India a global manufacturing hub. He aims to increase India's manufacturing share of GDP from 14% to 20% over the next five years.
Mr. Kharge believes that the country's manufacturing sector has not progressed as much as it could have under the current government. He pointed out that India's manufacturing share of GDP was higher during the Congress's rule.
The Congress party's plan includes restoring a healthy, fearless, and trustworthy climate for businesses. They plan to review and repeal or amend current rules and regulations that hinder industry, business, and trade.
The party also aims to revive stalled projects with the help of the private sector. According to the RBI, nearly 60% of the large central government projects have been stalled or delayed.
The Congress party believes that India can become a leader in multiple industries and they have highlighted several sectors, including steel, metals, garments, textiles, automobiles, and pharmaceuticals.
They also plan to reform the production linked incentives (PLI) scheme to target specific sectors that can create jobs and make India a top 5 producer in the world.
Mr. Kharge emphasized that the Congress party is opposed to monopolies and oligopolies and will create a level playing field for all businesses. They also intend to strengthen the Competition Commission of India (CCI) to ensure an open and competitive economy.
The party plans to encourage the use of Artificial Intelligence (AI) and robotics, which they believe will create new and frontline jobs, while also ensuring job opportunities in sectors that use conventional technology.
Mr. Kharge's ambition for India's manufacturing sector is significant and it remains to be seen if the Congress party can deliver on its promises. The success of these plans will depend on various factors, including global economic conditions and the cooperation of the private sector.
The implementation of these plans will require a collaborative effort from all stakeholders, including the government, industry leaders, and the workforce. The outcome of these initiatives will have a significant impact on India's economic growth and development.
Source: "In 5 Years, We Will...": Congress Chief's Big Promise For 'Make In India'