Industrial growth at 11.7% & Coffee exports grow by 38%, informed ministers

The parliament was informed about the industrial growth as well as growth in Coffee export during 2021-22. Both growths had been stupendous during the last financial year. The Minister of State for Commerce and Industry Som Parkash informed that as per the Index of Industrial Production (IIP), the industrial growth during 2021- 22 was 11.7 per cent over the corresponding period last year. Whereas, annual average growth of IIP was 3.4 per cent and 3.2 respectively during the period 2009-14 and 2014-19.

Coffee exports grew by 38%

While, the Minister of State in the Ministry of Commerce and Industry Anupriya Patel informed about the Coffee exports, which grew by 38% in 2021-22 as compared to 2020-21. During 2021-22, Indian coffee exports stood at USD 1.016 billion, growing by 38% from the previous year 2020-21. In 2021-22, India was the 5th largest exporter of coffee in the world with a share of about 6% of global coffee exports.

Steps to boost industrial performance

The government has undertaken various steps to boost industrial performance. These include introduction of Goods and Services Tax, reduction in Corporate tax, interventions to improve ease of doing business, measures for reduction in compliance burden, policy measures to boost domestic manufacturing through public procurement orders, Phased Manufacturing Programme (PMP), FDI policy reforms.

Measures to improve economic situation

The series of measures taken by the government to improve the economic situation and convert the disruption caused by Covid 19 pandemic into an opportunity for growth includes Atmanirbhar packages, introduction of Production Linked Incentive (PLI) scheme across fourteen sectors to augment the manufacturing capacity, investment opportunities under National Infrastructure Pipeline (NIP) and National Monetisation Pipeline (NMP), soft launch of National Single Window System (NSWS), etc. An institutional mechanism to fast- track investments has been put in place, in the form of Project Development Cells (PDCs) in all concerned ministries and departments of the Government of India.

Emergency Credit Line Guarantee Scheme

The Emergency Credit Line Guarantee Scheme (ECLGS), with provision of Rs 3 lakh crore, which has now increased to Rs. 5 lakh crore, is in the form of a fully guaranteed emergency credit line to monitor lending institutions. Financial support has been given to the stressed MSMEs with infusion of Rs.20,000 crore equity support through subordinate debt. Fund of funds created to infuse equity worth Rs.50,000 crore in the MSME Sector by setting up  Rs.10,000 crore corpus fund.

Timely payment to the MSMEs

Also, the government is ensuring timely payment to the MSMEs within the next 45 days. Procurement from domestic companies are being encouraged by disallowing global tender in government procurement tenders up to Rs 200 crores. In Union Budget 2023- 24, an amount of Rs 9000 crore infused in the corpus of revamped Credit Guarantee Scheme for MSEs, which will be effective from 1st April, 2023. This would enable additional collateral-free guaranteed credit of Rs 2 lakh crore.

Focus on infrastructure development

The government has focused on infrastructure development. PM Gati Shakti-NMP and logistics policy facilitate development of infrastructure and last mile connectivity to reduce the logistic cost and increase the efficiency of economy. Capital investment outlay in the budget has increased almost 3 times from Rs. 3.39 lakh crore in 2019-20 to Rs. 10 lakh crore in 2023-24.

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