Anish Shah, the Managing Director of M&M Group, underscores the imperative for the manufacturing sector to contribute a quarter to India's economic expansion.

Manufacturing sector should contribute quarter to India's economic growth: M&M Group MD Anish Shah

Anish Shah, the Managing Director and CEO of M&M group, emphasized the crucial role the manufacturing sector must play in driving India's economic growth towards its ambitious goal of becoming a USD 30-trillion economy by 2030 and achieving developed country status (Viksit Bharat). He highlighted the need for manufacturing to account for a quarter of India's GDP to meet these targets. Shah also noted that over the next seven years, India's GDP growth is expected to rival that of the entire European Union combined.

The 'Ideas of India Summit 3.0', organized by ABP Network, brought together policymakers, industry leaders, economists, and other stakeholders to discuss strategies for accelerating national growth and prosperity.

Shah outlined a vision for India's economic future, stating that to achieve the target of a USD 30-trillion economy by 2047, manufacturing should contribute significantly more to GDP, with a sixteen-fold growth in manufacturing and an eleven-fold increase in exports. He commended the interim Budget for its focus on economics over politics, fiscal discipline, and increased investment in capital expenditure.

Furthermore, Shah praised the Central Bank for effectively managing inflation and highlighted the significant efforts being made to develop infrastructure to enhance the competitiveness of the manufacturing sector in India.