Blitz Bureau
NEW DELHI: India’s manufacturing sector is making its presence felt on the global stage across industries ranging from electronics to steel, with the country emerging as the world’s third-largest smartphone exporter and net exporter of steel for the first time.
Driven by Government initiatives and strategic investments over the last decade, the country steadily positioned itself as a global manufacturing hub – from producing record volumes of crude steel to meeting rising domestic and global demands, to pioneering advancements in electric vehicles and consumer electronics.
Sectors once considered niche, like toys, are experiencing unprecedented expansion with exports increasing by a whopping 239 per cent and imports declining by 52 per cent.
India’s pharmaceutical industry, too, now boasts of 748 USFDA-approved sites, a testament to its world-class manufacturing capabilities. The surge in the production of solar panels and wind turbines reflects India’s growing commitment to renewable energy.
India’s manufacturing sector has witnessed remarkable growth in 2024, underscoring its transformation into a global powerhouse. The year also marked 10 years of Make in India under which remarkable strides have been made to turn India into a manufacturing giant.
Over the last decade, India’s manufacturing sector has undergone a significant transformation, largely propelled by the “Make in India” initiative. Key developments include the introduction of Production Linked Incentive (PLI) schemes across 14 sectors, spurring growth in electronics, steel, pharmaceuticals, and defence manufacturing, with notable achievements like a 239 per cent increase in toy exports and a 600 per cent rise in mobile phone production.
India has become a net exporter of steel, with production doubling, and has significantly reduced import dependency in pharmaceuticals and telecom equipment. Defence exports have soared, reaching over 85 countries, while the country has also made strides in semiconductor manufacturing and renewable energy, enhancing its global manufacturing stature by 2024.
FY2023-24 saw an economic growth of 8.2 per cent which was bolstered by an industrial growth rate of 9.5 per cent, with the manufacturing and construction sectors nearing double-digit expansion.
A host of initiatives have further streamlined India’s manufacturing ecosystem across sectors in 2024, These include the Jan Vishwas 2.0 Bill, while the development of of plug-and-play industrial parks near 100 cities attracted investments.
