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Highlighting that the government has undertaken various steps to boost industrial performance, Union Minister of State for Commerce and Industry Som Prakash has said that the industrial growth during 2021-22 was 11.7% over the corresponding period of the last year. He noted that whereas the annual average growth of IIP was 3.4% and 3.2% respectively during the period 2009-14 (Base year: 2004-05) and 2014-19 (Base Year: 2011-12). The steps include the introduction of Goods and Services Tax, reduction in Corporate tax, interventions to improve ease of doing business, measures for reduction in compliance burden, policy measures to boost domestic manufacturing through public procurement orders, Phased Manufacturing Programme (PMP), and FDI policy reforms.

He said the series of measures taken by the Government to improve the economic situation and convert the disruption caused by COVID-19 into an opportunity for growth includes Atmanirbhar packages, the introduction of the Production Linked Incentive (PLI) Scheme across fourteen sectors to augment the manufacturing capacity, investment opportunities under National Infrastructure Pipeline (NIP) and National Monetisation Pipeline (NMP), the soft launch of National Single Window System (NSWS), etc. He further said an institutional mechanism to fast-track investments has been put in place, in the form of Project Development Cells (PDCs) in all concerned Ministries/ Departments of the Government of India.

He also said the Emergency Credit Line Guarantee Scheme (ECLGS), with a 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. Fund of Funds created to infuse equity worth Rs 50,000 crore in the MSME Sector by setting up a Rs 10,000 crore Corpus Fund.