With the recent elections securing a win for Government 3.0 under the leadership of Prime Minister Modi, India's strategic drive to position itself as the world's manufacturing epicentre is expected to gain ground. India is emerging as a formidable contender for the China+1 strategy, capitalising on a unique convergence of factors. But India is still grappling with critical policy gaps in its industrial strategy, compounded by a looming skill deficit. According to World Bank data, less than three per cent of global manufacturing currently occurs in the world's most populous country, a stark comparison to China's commanding 24 per cent share.
In alignment with its ambitious vision, the Indian government aims to augment the nation's share of global manufacturing to five per cent by 2030, with a loftier goal of 10 per cent by 2047. This aspiration underscores India's desire to solidify its status as an indispensable player in the global economic landscape. India's ascension as the world's fastest-growing major economy, buoyed by a burgeoning tech sector, is undeniable. However, juxtaposed with this economic dynamism is a traditional economy struggling to generate sufficient employment opportunities. The confluence of these dynamics presents both promise and peril, encapsulating the essence of the three Ds: de-risking, diversifying, and decoupling. In the wake of a reordering geopolitical situation with far-reaching ramifications on the geo-economic landscape, the imperative for derisking, diversifying, and decoupling has assumed paramount importance. Today, pursuing a China+1 strategy reflects a broader global sentiment favouring a strategic pivot away from over-reliance on a single country and supplier. However, strong policies and a skilled workforce are needed to further this momentum.
SKILL DEFICIT: A HURDLE ON INDIA'S PATH TO MANUFACTURING PROGRESS
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