A decade of 'Make in India': The foundation for building a manufacturing powerhouse

As India experiences profound economic growth, it has emerged as the second most sought-after manufacturing destination in the world, contributing 13.9%1 to the economy.

- Ashish Bhandari,

The S&P Global India Manufacturing Purchasing Managers’ Index (PMI), reaching 56 in November 2023, also signifies sustained growth and robust expansion. The significant growth in India’s manufacturing sector over the past decade coincides with the introduction of the ‘Make in India’ initiative, which has played a major role in the sector’s development. A decade later, on the 10th anniversary of the government’s flagship initiative, it is an opportune time to reflect on India’s concerted efforts and reforms, which have delivered the desired results for strengthening its manufacturing sector.

In the spirit of Amritkal 2047, a vision that charts the course for India’s centenary of independence, the manufacturing sector stands as a testament to India’s aspirational journey. This vision is not just about industrial growth; it’s about creating a sustainable, inclusive, and technologically advanced ecosystem that resonates with the global shifts in manufacturing paradigms.

The recent trends in the Indian manufacturing landscape reflect this ambitious vision. We are witnessing a significant surge in investments across diverse sectors, with renewable energy, electric vehicles, and advanced manufacturing technologies leading the charge. These sectors are not only attracting substantial investments but are also pivotal in aligning India’s industrial growth with sustainable practices. The emphasis on renewable energy aligns with our national goal of achieving Net Zero by 2070, demonstrating a commitment to responsible and sustainable growth.