Economic Alarm: Manufacturing Crisis and Trade Deficit in Focus

Congress MP Manickam Tagore has proposed a motion in the Lok Sabha to highlight the crisis in India's manufacturing sector and the growing trade deficit with China. Criticizing government initiatives like Make in India, he pointed out declining production and trade imbalances as major concerns.

Congress MP Manickam Tagore has raised a significant alert in the Lok Sabha regarding the ongoing crisis in India's manufacturing sector coupled with an expanding trade deficit with China. Through an adjournment motion, Tagore lambasted the current administration for failing to bolster the local manufacturing landscape.

Criticizing initiatives like Make in India, Tagore remarked that the program had devolved into mere assembly operations, rather than actual manufacturing. Highlighting the decreasing share of manufacturing in India's GDP, he emphasized the underperformance against government promises. The trade deficit with China, he noted, had tripled in a decade, stressing its amplification of local industry challenges.

Tagore's critique extended to the Production-Linked Incentive scheme, which, despite considerable financial allocations, has seen minimal disbursement. He called for urgent government intervention to address these economic vulnerabilities and reinforce India's path toward self-reliance.

(With inputs from agencies.)