India’s core sector will witness a faster revival than others over the next one year, thanks to a vigorous push by the government for infrastructure creation, Nirmala Sitharaman the finance minister said on Friday.
After posting the lowest contraction in seven months (0.1 percent) in September, the output of eight core industries, which have a share of almost 40 percent in the industrial output index, again slipped by 2.5 percent in October, thanks to a decline in the production of steel and refinery goods. “(One year from now), India would have moved a lot more digitization a lot, financial transactions and digital payments and its manufacturing would be probably already on a new work platform in the sense that Indian industries would have adapted to great levels of technology,” Sitharaman said at a CII event.
ndia is also showing signs of being leaders in infrastructure building, she added. “Therefore, the core sector revival, I would think is going to be speedier than anything else,” the minister further said.
Industry groups have urged the government to start spending an additional 0.5% of GDP per year on health for the next five years in order to improve the system of health care. The government had also agreed to increase public healthcare spending to 2.5 percent of GDP.