India’s annual pre-budget Economic Survey on Tuesday focused upon the key initiatives such as Production Linked Incentive (PLI) Schemes taken by the government creating jobs for small scale industries. The Survey tabled in Parliament by Finance Minister Nirmala Sitharaman stated that a slew of “indigenisation initiatives” implemented by the Indian Navy gave significant boost to economic activity by creating employment opportunities for MSMEs and other industries. “The recently commissioned INS Vikrant alone engaged approximately 500 MSMEs, 12,000 employees from ancillary industries, and 2,000 shipyard employees,” the Economic Survey 2022-23 says.
INS Vikrant is the largest ship ever built in maritime history of India and houses state-of-the-art automation features.
The Survey adds that shipbuilding with its links to other ancillary industries, including steel, engineering equipment, port infrastructure, trade and shipping services has the potential to create a collaborative production eco-system. “With the development of these ancillary industries, the sector generates opportunities for smaller businesses and strengthens supply chain networks,” says the Survey.
Earlier, President Droupadi Murmu also highlighted initiatives taken by the government, which resulted in increasing India’s defence exports six times. “I am proud that today the first indigenous aircraft carrier in the form of INS Vikrant has also joined our Navy,” said Murmu while addressing the joint session of Parliament and marked the beginning of the Budget Session ahead of the Economic Survey 2023 presentation.
INS Vikrant is the largest ship ever built in maritime history of India and houses state-of-the-art automation features.
In pursuit of the objectives of the Make-in-India programme and with a vision to achieve Aatmanirbharta, the government launched the PLI scheme. The scheme is expected to attract a capex of approximately Rs 3 lakh crore over the next five years. It has the potential to generate employment for over 60 lakh in India and increase the share of the manufacturing sector in total capital formation, which currently stands at around 17-20 per cent between FY12 and FY20.
The Economic Survey by Chief Economic Adviser (CEA) V Anantha Nageswaran was tabled in the parliament on Tuesday afternoon by Finance Minister Nirmala Sitharaman. The Economic Survey is the government’s review of how the domestic economy performed in the past year.Meanwhile, Sitharaman is scheduled to present the budget on 1 February. This budget is Sitharaman’s last full budget prior to the 2024 Lok Sabha elections.
