In the past few years, India has undertaken a significant and dynamic effort to position itself as a prominent global manufacturing hub. The ‘Make in India’ campaign has emerged as a driving force in strengthening the nation’s manufacturing sector. This catapulted the expansion of the manufacturing sector into new geographies and segments. A noteworthy catalyst for this expansion has been the implementation of the Production Linked Incentive (PLI) program, which has drawn in investments, totalling `62,500 Cr as of March 2023, fostering inventive strides within the manufacturing sector.
As a result of these policy measures, India has experienced an unparalleled revolution within the manufacturing sector over recent years. In 2022, this sector contributes approximately 17 percent to the nation’s GDP and offers employment opportunities to a workforce exceeding 27.3 million individuals. The government’s anticipation is to achieve a quarter of the economic output from this sector by 2025. Furthermore, it is expected that the sector will generate export commodities valued at $1 trillion by the year 2030.
Nevertheless, the sector has encountered several obstacles that have impeded its expansion and output. These challenges stem predominantly from a significant dependence on labour-intensive operations and a preference for moderately automated practices. The power supply emerges as a paramount concern in this context. Manufacturers not only require a consistent and adequate power supply but also the reduction of energy costs, which inevitably impacts the pricing of goods in the market. Concurrently, the sector is anticipated to align with India’s global commitment to achieving a net-zero economy by 2070, necessitating a swift shift toward eco-friendly manufacturing practices.
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