Manufacturing has emerged as one of the high growth sectors in India today. India’s rank among the world’s 10 largest manufacturing countries has come up by three places to sixth position in 2015.
The Government of India has set an ambitious target of increasing the contribution of manufacturing output to 25 per cent of Gross Domestic Product (GDP) by 2025, from 16 per cent currently.
The potential of India’s manufacturing sector is capable to touch US$ 1 trillion by 2025. There is potential for the sector to account for 25-30 per cent of the country’s GDP and create up to 90 million domestic jobs by 2025. Various surveys states that the country is expected to rank amongst the world’s top three growth economies and the top three manufacturing destinations as well, by 2020. It will provide favourable demographic dividends for the next 2-3 decades. Sustained availability of quality workforce, strong consumerism in the domestic market, strong technical and engineering capabilities backed by top-notch scientific and technical institutes should provide a boost to manufacturing in the coming years. The cost of manpower is also relatively low as compared to other countries.
Soon, India will make a place on the world map as a manufacturing hub and gives global recognition to our economy.