India to become world’s 3rd-largest economy by 2028, overtaking Germany: Morgan Stanley
India is set to become the world’s third-largest economy by 2028, overtaking Germany, according to a report by global financial services firm Morgan Stanley.
Brushing aside the opposition’s criticism of the ‘Make in India’ scheme, Finance Minister Nirmala Sitharaman said the scheme is yielding good results as the Centre has taken multiple steps to strengthen the manufacturing sector, including defence production.
Replying to the debate on the Supplementary Demands for Grants and Manipur budget in the Rajya Sabha, the minister said that production-linked incentive (PLI) schemes have yielded good results, as they have so far attracted investments of Rs 1.5 lakh crore and generated nearly 9.5 lakh employment opportunities.
Advertisement
The Finance Minister said that ”Make in India has actually given us good results. We took step after step, after step, to strengthen the manufacturing of this country.”
Advertisement
“Believe in Make In India. It is giving you results,” the minister said.
Attacking the opposition over their remarks, she said, “You claim that Make in India is not working. Doesn’t that mean that the national manufacturing policy itself was flawed? Are you suggesting that? It is your policy. But it remained a policy, it didn’t find an action group. And when we make it an actionable policy, we bring in Make in India, they have problems.”
Launched on September 25, 2014, Make in India aimed to facilitate investment, foster innovation, build best-in-class infrastructure, and make India a hub for manufacturing, design, and innovation.
Further, Minister Sitharaman also spoke on bad loans and said, “Written-off loans do not mean the loans have been waived, and the defaulter will have to face consequences.”
“Public sector banks will take all recourses to get their money back from defaulters and this includes approaching courts and the IBC.”
She said that while PSU banks had recovered a total of Rs 2,27,288 crore in written-off loans so far, private sector banks were clawed by Non-Performing Assets (NPAs) worth Rs 55,598 crore.
Advertisement
