Manufacturing Sector in India

India's ranking in terms of most sought after manufacturing destination in the world has improved to three from the fourth spot in the previous year.

Advantage India

Robust
Demand

* The appliances and consumer electronics (ACE) market in India is expected to grow to US$ 21.18 billion by 2025 from US$ 10.93 billion in 2019.

* As per a report by NITI Aayog and RMI India, the electric vehicles financing industry in India is projected to grow to ~ US$ 50 billion by 2030.

Increasing
Investment

* In the first half of FY21, India received ~US$ 30 billion worth of funds through foreign direct investment, a 15% increase over the same period last year.

* On November 19, 2021, Prime Minister, Mr. Narendra Modi laid the foundation stone for the Uttar Pradesh Defence Industrial Corridor project worth Rs. 400 crore (US$ 53.73 million) in Jhansi.

Policy
Support

* In September 2021, the government approved PLI scheme worth Rs. 26,058 crore (US$ 3.53 billion) for auto industry and drone industry to boost India’s manufacturing capabilities.

* In May 2021, the government approved a PLI scheme worth Rs. 18,000 crore (US$ 2.47 billion) for production of advanced chemical cell (ACC) batteries.

Competitive
Advantage

* Increasing share of young working population.

* India has potential to become a global manufacturing hub and by 2030, it can add more than US$ 500 billion annually to the global economy.

Last updated: Apr, 2022

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