Edited By Tanuja,Updated: 26 Oct, 2024 01:09 PM
India’s manufacturing capability is not just about making products. It is about shaping dreams, creating opportunities, and developing the future of a nation that is poised to lead the world…
International Desk: India’s manufacturing capability is not just about making products. It is about shaping dreams, creating opportunities, and developing the future of a nation that is poised to be a leader in the world. That means India is rapidly recovering as a global hub. Prime Minister Narendra Modi launched the “Make in India” scheme on 25 September 2014. The objective of this plan was to make India the manufacturing hub of the world, attract investment, promote innovation, and generate employment. Under this program, India’s economy is growing rapidly and local industry is being strengthened.
The construction sector contributed only 16% to India’s GDP in 2014, which has increased to 17% by 2024, and is targeted to reach 25% by 2030. Examples of success of this initiative in different regions of India Can be seen, such as GIFT City of Gujarat and Semiconductor Center of Tamil Nadu. India has also made great progress in terms of FDI due to policy reforms and strategic initiatives under the Make in India programme. India has received FDI worth $990.97 billion between April 2000 and March 2024. Furthermore, Indian industry has grown by 36%, creating approximately 170 million job opportunities. Talking about Noida, there has been a huge growth in mobile phone manufacturing.
- Mobile manufacturing units were only 2 in 2014, which will increase to more than 200 in 2024.
- Production to increase from 60 million units in 2014-15 to 3.1 billion units in 2022-23.
- India is now the world’s second largest mobile phone manufacturer.
The government has also attempted to create a conducive environment for the industry, under which more than 3,500 rules have been simplified. This scheme is also bringing significant changes in India’s exports. India has also increased its exports in the defense sector. Defense exports to reach ₹21,083 crore in FY2024. ₹1.97 lakh crore ($26 billion) will be invested in 14 key sectors under the Production Linked Incentive (PLI) scheme, a key component of Make in India 2.0. India is now moving forward in digital manufacturing also. Many Indian companies have adopted Industry 4.0 technologies by 2023. The Government of India has also taken several steps to promote digital manufacturing under the Digital India programme.