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
*According to Department for Promotion of Industry and Internal Trade (DPIIT), India received a total foreign direct investment (FDI) inflow of US$ 58.77 billion in FY 2021-22.
*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.
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