India needs to accelerate manufacturing sector: Nirmala Sitharaman

New Delhi, May 17 (HS): Finance and Corporate Affairs Minister Nirmala Sitamaran said on Friday that India should increase its share in global manufacturing. She said the country needs to accelerate its manufacturing sector to increase its share in the global value chain and become self-reliant.

The Finance Minister said this while addressing the Annual Business Summit 2024 of the Confederation of Indian Industry (CII) here. Addressing Indian business leaders at the CII Business Summit, Sitharaman also underlined the need to achieve greater sophistication in product formulation and policy support.

In her address, she stressed that by promoting manufacturing, India can not only meet domestic demand more effectively but also reduce dependence on imports. "In this way we can move towards self-reliance." She said the suggestions given by CII will be integrated in the July budget.

He said that the Confederation of Indian Industry has always kept its vision before itself and the country to work together with the government. It has also ensured that industry partnerships at the global level follow a clear path to address global challenges.