Over the past few decades, India has witnessed a significant shift in its manufacturing dynamics. Traditionally known for its prowess in textiles, handicrafts, and agro-based industries, the nation has diversified its manufacturing portfolio. With a growing focus on technology, innovation, and skilled labour, India is emerging as a dynamic hub for manufacturing. The sector has evolved significantly, embracing technological advancements, and fostering innovation, increasing its contribution to the nation’s economic growth.
Initiatives such as ‘Make in India’ have been instrumental in fostering a favourable business environment, encouraging investment, and promoting indigenous manufacturing. The streamlining of regulatory processes has contributed to the ease of doing business in the country. Furthermore, production-linked incentives (PLIs) are providing a substantial boost to various manufacturing sectors. By incentivising domestic production, India is not only aiming to attract investments but also propelling the growth of critical industries. The PLI scheme, tailored to align with global manufacturing trends, is aimed at ensuring that India remains competitive on the international stage.
CURRENT STATUS
India’s target of achieving the milestone of 1 trillion dollars by the year 2028 is promising, with key industries such as chemicals, pharmaceuticals, electronics, automotive, industrial machinery, and textiles playing a pivotal role. This promising outlook underscores the diverse and expansive opportunities for export-led growth within the Indian manufacturing landscape.
This story is from the January 2024 edition of The Machinist.
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This story is from the January 2024 edition of The Machinist.
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