Manufacturing sector of India has the potential to reach US$ 1 trillion by 2025
Manufacturing has emerged as one of the high growth sectors in India. In addition, Hon’ble PM of India, Mr Narendra Modi, launched the ‘Make in India’ program to place. India is on the cusp of becoming the manufacturing powerhouse owing to the trend of diversifying the supply chain. Furthermore, government aims to create 100 million new jobs in the sector by 2022.
With the help of ‘Make in India’ and ‘Aatmanirbhar Bharat’ drive, India is on a path of becoming the hub for hi-tech manufacturing as global giants such as GE, Siemens, HTC, Toshiba, and Boeing have either set up or are in process of setting up manufacturing plants in India, attracted by India's market of more than a billion consumers and an increasing purchasing power.
The Government of India has taken several initiatives to promote a healthy environment for the growth of manufacturing sector in the country. For example, in March 2020, the government approved the Production Incentive Scheme (PLI) for Large-scale Electronics Manufacturing. The scheme proposes production-linked incentive to boost domestic manufacturing and attract large investments in mobile phone manufacturing and specified electronic components including Assembly, Testing, Marking and Packaging (ATMP) units.