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Manufacturing incubators key to India's $5 trillion economy quest
The Daily Guardian
|September 09, 2024
India's manufacturing sector plays a pivotal role in its ambition to become a global manufacturing powerhouse.
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As global disruptions and geopolitical tensions push countries to look beyond traditional players like China, India is emerging as a strong contender. Initiatives such as Make in India and the Production Linked Incentive (PLI) scheme are positioning India to build a robust manufacturing base.
Despite these efforts, India has yet to fully capitalize on its manufacturing potential due to outdated technology, a lack of skilled labour, and inadequate infrastructure.
Currently, manufacturing contributes about 17% to India's GDP and employs over 27.3 million workers.
As India aims for a $5 trillion economy by 2026-27, the manufacturing sector must play an increasingly critical role.
START-UPS IN MANUFACTURING: GAME CHANGERS
Start-ups are vital to revolutionizing India's manufacturing sector by driving innovation, increasing competitiveness, and contributing to economic growth.
This story is from the September 09, 2024 edition of The Daily Guardian.
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