Indian Industrial Growth Stands At 11.7% In 2021-22: Govt Tells Parliament

The Minister of State for Commerce and Industry, Som Parkash said in reply to a parliamentary question on Wednesday said that the industrial growth during 2021- 22 was 11.7 per cent over the corresponding period of the last year. 

As per the Index of Industrial Production (IIP), the annual average growth of IIP was 3.4 per cent and 3.2 per cent respectively during the period 2009-14 and 2014-19.

MoS Parkash stated that the government has undertaken various steps to boost industrial performance.

The minister stated that the Emergency Credit Line Guarantee Scheme (ECLGS), with the 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 an infusion of Rs 20,000 crore equity support through Subordinate Debt, he said.

He added that a fund of funds was created to infuse equity worth Rs 50,000 crore in the MSME Sector by setting up a Rs 10,000 crore corpus fund.

Also, the government is ensuring timely payment to the MSMEs by instructing all Centre and CPSEs to clear all receivables of MSMEs within the next 45 days. 

Procurement from domestic companies is being encouraged by disallowing global tender in government procurement tenders upto Rs 200 crore, he mentioned. 

In Union Budget 2023- 24, an amount of Rs 9,000 crore infused in the corpus of revamped Credit Guarantee Scheme for MSEs which will be effective from 1st April, 2023. 

Accordig to the Parkash, this would enable additional collateral-free guaranteed credit of Rs 2 lakh crore.

While talking bout the infrastructure development, he said that 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.