Indian Economy News

India poised to become third largest manufacturing hub: Union Minister of Consumer Affairs, Food and Public Distribution, Mr. Pralhad Joshi

Union Minister of Consumer Affairs, Food and Public Distribution, Mr. Pralhad Joshi, expressed confidence in India’s journey to becoming a global manufacturing hub, citing its enabling environment, resource availability, and dynamic youth. Speaking at the inauguration of Hodek Vibration Technologies Private Limited’s third greenfield unit and the Lord Sri Rama Temple at Belur Industrial Area in Dharwad, he noted that under Prime Minister Mr. Narendra Modi’s leadership, India has witnessed exceptional manufacturing growth since 2014, evolving into a self-reliant economy. He added that India is steadily positioning itself among leading global producers, alongside China and Vietnam, with the potential to emerge as the third-largest.

Highlighting global demand for Indian talent, he mentioned that countries like Germany increasingly rely on Indian youth to fill skill shortages. He urged locals to seize emerging opportunities supported by India's economic ecosystem. Hodek’s Director, Mr. Abhijit Khanvilkar, stated that the Dharwad units have created jobs for around 500 individuals, addressing local employment gaps. He added that the new greenfield unit will further industrial growth in North Karnataka. He also emphasised Hodek’s commitment to sustainability, citing the inauguration of a 155 kWp rooftop solar plant at its Pune unit and eco-friendly initiatives at the Dharwad facility, which holds ISO 14001 Environmental Management Certification. Earlier, NITI Aayog Chief Executive Officer Mr. B.V.R. Subrahmanyam stressed the need for India’s manufacturing sector to grow at 15% annually to contribute 25% to GDP by 2047.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.