From jugaad to juggernaut: Rewriting India's manufacturing story
Manufacturing Today|February 2024
Skilled workforce, favourable policies, booming market - the perfect storm for India's manufacturing boom
Sujatha Vishnuraj
From jugaad to juggernaut: Rewriting India's manufacturing story

In the heart of one of the world’s fastest-growing economies, a silent revolution is underway. India is rapidly transforming into a global investment hub, with a spotlight on the burgeoning manufacturing sector. The sector is experiencing a surge, driven by a confluence of factors—government initiatives, rising domestic demand, and a renewed focus on global competitiveness. This has led to a significant increase in investment flows, both domestic and foreign, propelling the sector towards exciting new horizons.

Investments in the sector are experiencing a notable increase, with initiatives like ‘Make in India’ aiming to position the country as a global manufacturing hub. According to a report from the Ministry of Commerce and Industry, the annual production growth rate in the manufacturing industry reached 4.7% during the fiscal year 2023. Notably, India’s industrial production achieved a 16-month high in October 2023, registering a growth of 11.7% compared to a contraction of 4.1% in the same period the previous year, according to the data provided by the Ministry of Statistics & Programme Implementation.

Also, the data released by the National Statistical Office (NSO) indicates a significant upswing in the manufacturing sector’s output, which expanded by 10.4% in October 2023, rebounding from a contraction of 5.8% in the same month last year. Manufacturing output experienced a notable rise of 9.3% year-on-year in August, accompanied by a month-over-month increase of 1.2%.

This story is from the February 2024 edition of Manufacturing Today.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the February 2024 edition of Manufacturing Today.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM MANUFACTURING TODAYView All
Optimising milling operations
Manufacturing Today

Optimising milling operations

Exploring innovative strategies that are reshaping the milling landscape to meet the challenges of a competitive global market.

time-read
3 mins  |
Decemeber 2024
The path to excellence
Manufacturing Today

The path to excellence

Tata AutoComp’s Double Deming triumph is testament to quality and innovation

time-read
5 mins  |
Decemeber 2024
Boosting India's energy efficiency with advanced low voltage motors
Manufacturing Today

Boosting India's energy efficiency with advanced low voltage motors

Stefan Floeck, Division President of IEC Low Voltage Motors at ABB Motion, discusses the role of low voltage motors in India’s industrial future.

time-read
5 mins  |
Decemeber 2024
The Tech of E-commerce
Manufacturing Today

The Tech of E-commerce

Technology is revolutionising e-commerce by enhancing demand forecasting, inventory management, and customer experiences through AI, blockchain, IoT, and real-time data analytics.

time-read
5 mins  |
Decemeber 2024
Driving Sustainability and Innovation
Manufacturing Today

Driving Sustainability and Innovation

A conversation with Rajendra B Chunodkar, President Manufacturing Operations, Lupin

time-read
5 mins  |
Decemeber 2024
The evolution of machining technologies
Manufacturing Today

The evolution of machining technologies

The evolution of machining technologies is reshaping the manufacturing landscape, offering unprecedented opportunities for efficiency, precision, and sustainability.

time-read
5 mins  |
Decemeber 2024
Transforming the future of manufacturing technology
Manufacturing Today

Transforming the future of manufacturing technology

A pre-event report on IMTEX 2025: The premier manufacturing and metal cutting technologies event for

time-read
9 mins  |
Decemeber 2024
THE MAKE IN INDIA JOURNEY
Manufacturing Today

THE MAKE IN INDIA JOURNEY

An analysis of the initiative's impact on the manufacturing sector.

time-read
9 mins  |
Decemeber 2024
Tata Motors Re.Wi.Re: Innovation meets responsibility
Manufacturing Today

Tata Motors Re.Wi.Re: Innovation meets responsibility

Tata Motors advances circular economy via Re.Wi.Re scrapping facility.

time-read
1 min  |
Decemeber 2024
After Apple, Google Pixel set to be manufactured in India
Manufacturing Today

After Apple, Google Pixel set to be manufactured in India

Dixon Technologies' alliance with Compal Electronics is poised to further accelerate India's push to become a global hub for smartphone manufacturing.

time-read
2 mins  |
Decemeber 2024