Manufacturing incubators key to India's $5 trillion economy quest

India's manufacturing sector plays a pivotal role in its ambition to become a global manufacturing powerhouse.

As global disruptions and geopolitical tensions push countries to look beyond traditional players like China, India is emerging as a strong contender. Initiatives such as Make in India and the Production Linked Incentive (PLI) scheme are positioning India to build a robust manufacturing base.

Despite these efforts, India has yet to fully capitalize on its manufacturing potential due to outdated technology, a lack of skilled labour, and inadequate infrastructure.

Currently, manufacturing contributes about 17% to India's GDP and employs over 27.3 million workers.

As India aims for a $5 trillion economy by 2026-27, the manufacturing sector must play an increasingly critical role.

START-UPS IN MANUFACTURING: GAME CHANGERS

Start-ups are vital to revolutionizing India's manufacturing sector by driving innovation, increasing competitiveness, and contributing to economic growth.