The manufacturing sector is one of the most significant growth drivers for the Indian economy. The growth of the manufacturing industry into an economic powerhouse can only be achieved when it incorporates technological transformation in the sector. Prime Minister of India, Narendra Modi, launched the ‘Make in India’ program to place India on the world map as a manufacturing hub and give India a global recognition. With the help of ‘Make in India’ drive, India is on the path of becoming the hub for hi-tech manufacturing as global giants have either set up or are in the process of setting up manufacturing plants in India, attracted by India’s market of more than a billion consumers and increasing purchasing power. India is expected to become the fifth largest manufacturing country in the world by the end of the year 2020. The government aims to achieve a 25 percent GDP share and 100 million new jobs in the sector by 2022.
A significant part of employment in India comes from the manufacturing sector. Around 24 percent of India’s total employed population was working in the industrial sector in 2018. By 2035, India is expected to be manufacturing for the world in areas where it has a competitive edge in terms of raw material supply as well as backward and forward integration. This requires both R&D and vastly improved education and massive skill development initiatives to increase the productivity of a young workforce. There is a need for creating an ecosystem of continuous technology development, up-gradation, upskilling, and adaptation to make the products competitive.
NEW MULTIDISCIPLINARY COMPETENCIES
This story is from the April 2020 edition of The Machinist.
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This story is from the April 2020 edition of The Machinist.
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