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Lok Sabha polls: Congress promises to boost manufacturing to 20% of GDP in next 5 years
Image Credit : twitter.com/kharge

Lok Sabha polls: Congress promises to boost manufacturing to 20% of GDP in next 5 years

| @indiablooms | 12 May 2024, 12:02 am

New Delhi: Congress President Mallikarjun Kharge has said his party is committed to transforming the nation into a manufacturing powerhouse, outlining the goal of increasing the manufacturing sector's contribution to the GDP from 14% to 20% in the next five years.

Taking to X, Kharge emphasised, that Congress will boost manufacturing in India.

Kharge tweeted, "Congress resolves to make India a manufacturing hub by raising the share of manufacturing from 14% to 20% of GDP in the next 5 years."

He said that under the Congress government, India was doing much better in manufacturing compared to the BJP rule.

"It is thus no surprise that in the last 25 years, India's manufacturing share of GDP has been higher during the Congress rule. On the contrary, in the last 10 years (2014-24), the share of manufacturing has stagnated at just 14%", he claimed.

Kharge also said, "Congress is determined to make India the manufacturing powerhouse that produces goods and services for itself and the world."

The Congress leader underscored that the party's immediate aim is to foster a conducive, secure, and reliable environment for businesses, ensuring their confidence and prosperity.

Elaborating on the party's goal, Kharge said that the Congress government in 1991 abolished industrial licensing and controls. "The independent regulatory regime that was put in place has deteriorated into a system of overt and covert controls," he added.

"We will conduct a comprehensive review of the current rules and regulations and repeal or amend them in order to restore freedom to industry, business and trade," Kharge said.

Kharge outlined the Congress' ambitious vision, stating that the party seeks to propel India into a position of global leadership across various sectors including steel, metals, garments, textiles, cement, automobiles, electronics, pharmaceuticals, engineering goods, petroleum products, chemicals, and the mining of rare earth and critical minerals.

Referring to RBI’s data on projects that have put on the back burner, Kharge said that Congress will rejuvenate those projects with private sector’s help.

"According to the RBI, nearly 60% of the large central government projects have been stalled or delayed and costs have risen by nearly 5 lakh crores. Congress will address the problem in a mission mode and find ways and means to revive the stalled projects with the help of the private sector," he said.

Explaining Congress approach, Kharge tweeted, "Congress will reform the production linked incentives (PLI) scheme to target specific sectors that can create thousands of jobs by making India one of the top 5 producers in the world in that sector."

Kharge also stated about introducing an employment-linked incentive scheme. He added, "We will introduce a new employment-linked incentive (ELI) Scheme for corporates to win tax credits for additional hiring against regular, quality jobs."

Repeating his party's statements to alleged monopolies and oligopolies, Kharge said, "Congress will create a level playing field for all businesses. We are opposed to monopolies and oligopolies. We will strengthen the Competition Commission of India (CCI) to ensure that India will be an open and competitive economy."

The Congress President also spoke about bolstering AI and robotics and said, "We will encourage and support the use of Artificial Intelligence, robotics, etc. which will create new and frontline jobs. At the same time, we will ensure that there are more job opportunities in sectors that use conventional technology."

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