At the CII Annual Summit, Finance Minister Nirmala Sitharaman advocates for increased manufacturing investment.

During her speech at the CII Annual Business Summit 2024, which was held in Delhi on Friday, Finance Minister Nirmala Sitharaman spoke in favor of placing more attention on the manufacturing sector. Sitharaman emphasized the value of manufacturing in addition to services and the necessity of more funding and support from the government to develop this industry."Manufacturing has to rise, and India needs to boost its manufacturing share in global value chains by enacting legislation. According to ANI, the Union Minister stated, "We therefore need to have greater sophistication in our product manufacturing and we also need to see how this can be given the best policy support."Sitharaman cited an IMF estimate during the occasion, predicting that India would contribute 18% of global growth over the following five years, beginning in 2023. She predicted that India's growth would be most active between 2023 and 2028.According to IMF estimates, India would contribute 18% of global growth over a five-year period starting in 2023. We therefore anticipate a dynamic India between 2023 and 2028, contributing 18% of global GDP," the minister stated.Sitharaman also mentioned the S&P Global Market Intelligence projection, which indicates that the Indian consumer market will develop significantly. "By 2031, the Indian consumer market is projected to double, presenting a 2.9 trillion dollar opportunity." A further trillion-dollar opportunity is still there, since the survey estimates that consumer expenditure on food in India will reach 1.4 trillion US dollars," the minister continued. She also cited the S&P study to highlight prospects in the Indian financial market."Spending on financial services is expected to reach $670 billion in the US; we have a $390 billion potential ahead of us.

The preacher stated, "These are the opportunities that have not yet been utilized." Sitharaman also brought up World Economic Forum predictions about the influence of green energy on the economy and the generation of jobs. According to WEF projections, green energy in India will generate 50 million net new jobs and have a $1 trillion economic impact by 2030. The minister stated, "Solar energy itself has demonstrated the extent to which job creation policy exists."She emphasized the government's handling of the twin balance sheet issue, which harmed both banks and corporates due to mounting non-performing assets and unpaid debt, while highlighting advancements in India's financial industry."After the twin balance sheet issues of 2013–14, the government survey and RBI reported that the scenario is now one of twin balance sheet advantage.

As a result, the balance sheets of the business and financial sectors have not only improved but are now in pink, according to Sitharaman. "The opportunity and confidence element that this situation gives us is there for the twin balance sheet advantage," the speaker continued.