The role of India will further grow in a post COVID world when most of the international manufacturers are looking forward to diversifying their supply chain by adopting a China+1 strategy. As organizations are diversifying their supply chain, production facilities, & sourcing destinations, India offers a suitable alternative. India’s large domestic market, growing middle class, favorable industrial policy alongside an abundance of human capital, and natural resources give it a natural advantage over its peers
Although a distant second to the service sector, India’s manufacturing is set to grow at a vigorous pace. Currently, manufacturing constitutes around 18% of the Indian GDP. However, GOI understands the role of manufacturing as a key economic growth driver and has underlined a host of initiative in the form of simplified FDI participation, systematic investments in developing the overall physical & social infrastructure, creating new land banks, lowered tax rates, numerous concessions & discounts on investments, etc. to boost the overall manufacturing sector in the country. The governing agencies are planning to take the manufacturing’s overall contribution to 25% of the GDP.
India already has made a stronghold in numerous industries such as automobiles, electronic appliances, pharmaceuticals (generics), steel, etc. The country has huge potential in the defense & aerospace, API, household items, processed foods, construction materials, etc.
GOI understands how the positive impact of robust manufacturing industry can reverberate throughout the economy. Hence the governing agencies have formulated an exhaustive industrial policy underpinned on strategic acumen and principal handed approach. Mentioned below are the key steps taken by the government
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