How has the Indian manufacturing sector transformed over the past year, and what key developments have contributed to this surge in hiring intentions?
Indian manufacturing sector is a key economic driver that accounts for 17 per cent of India’s GDP. To strengthen India’s position as a major centre of manufacturing, we aim to export goods worth $1 trillion by 2030. As per the various government initiatives, by 2025, manufacturing is expected to contribute 25 per cent to the economy.
As per the data from Quess Corp., the manufacturing sector has showcased 93 per cent quarter-on-quarter growth from FYQ2 2022 to FYQ2 2023. India has significant global market potential, thanks to elements like the expansion of electricity, stable employment, a young and educated population, and abundant raw materials. It is well-positioned to benefit from the value chain thanks to its raw material assets, industrial know-how, and entrepreneurial spirit. Prospects are further improved by options like contract manufacturing. Thanks to the Ministry of Micro, Small & Medium Industries, India has a thriving startup ecosystem that supports the growth of new micro and small businesses.
India’s manufacturing ecosystem has seen several key developments in the recent year that have contributed to a surge in hiring intentions. The industry has showcased an increasing demand for senior professionals with 12+ years of experience, who continue to dominate. Manufacturing has been more export-oriented, which increases the requirement for organised staffing. Government schemes such as PLI, Make in India, Skill development and apprenticeship promotion and the EV boom has created job opportunities and contributed towards the expansion of manufacturing sector in India.
This story is from the December 2023 edition of The Machinist.
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This story is from the December 2023 edition of The Machinist.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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