India's Manufacturing Sector: A Decade of Progress and Challenges
India's manufacturing sector has made significant strides since 2014, but can it meet the government's ambitious target of 25% of GDP by 2030?
India Manufacturing SectorMake In IndiaGdp GrowthEmploymentMerchandise ExportsReal Estate NewsSep 17, 2024
In 2014, Prime Minister Modi launched the 'Make in India' initiative to shift focus to manufacturing and leverage global value chains. The goal was to create jobs, boost economic growth, and increase India's share in global trade.
Fast forward to 2024, and the results are mixed. Gains in merchandise exports, particularly in electronics and defence, have been notable. Employment in manufacturing has grown, with the sector contributing to around 16-17% of India's GDP.
However, experts note that the results are not yet widespread. India's manufacturing sector still lags behind its Asian counterparts, such as China and Vietnam. The country's infrastructure, regulatory framework, and skill development programs still need significant improvements.
Despite these challenges, India's goal is to increase manufacturing to 25% of GDP by 2030. To achieve this, the government will need to address the sector's long-standing issues, such as land acquisition, labour laws, and access to finance.
Will India meet this challenge? Only time will tell, but one thing is certain - the next decade will be crucial for India's manufacturing sector.
Information
The 'Make in India' initiative was launched by Prime Minister Modi in 2014 to promote India as a manufacturing hub. The program aims to create a favourable business environment, encourage investment, and develop infrastructure.
The Confederation of Indian Industry (CII) is a non-governmental trade association that promotes the development of Indian industry. The CII has been actively involved in promoting the 'Make in India' initiative and providing inputs to the government on policy reforms.
Frequently Asked Questions
What is the 'Make in India' initiative?
The 'Make in India' initiative is a program launched by Prime Minister Modi in 2014 to promote India as a manufacturing hub.
What is India's goal for its manufacturing sector by 2030?
India's goal is to increase manufacturing to 25% of GDP by 2030.
What are the major challenges facing India's manufacturing sector?
The major challenges facing India's manufacturing sector include infrastructure, regulatory framework, and skill development programs.
How has India's manufacturing sector performed since 2014?
India's manufacturing sector has made significant strides since 2014, with gains in merchandise exports and employment growth.
What is the role of the Confederation of Indian Industry (CII) in promoting the 'Make in India' initiative?
The CII has been actively involved in promoting the 'Make in India' initiative and providing inputs to the government on policy reforms.
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