Manufacturing

ManufacturingManufacturing Sector in IndiaIndia

Manufacturing has emerged as one of the high growth sectors in India. Prime Minister of India, Mr Narendra Modi, had launched the ‘Make in India’ program to place India on the world map as a manufacturing hub and give global recognition to the Indian economy. India is expected to become the fifth largest manufacturing country in the world by the end of year 2020*.

 Industrial leaders are digitising essential functions and processes. They are enhancing their product portfolio with digital functionalities and are investing in data analytics as a foundational capability to drive innovation and significant improvements in efficiency.

  India Manufacturing Barometer, the survey conducted by FICCI and PwC Strategy has measured the expectations and opinions of major manufacturers on key facets related to the sector, with a special focus on its preparedness for Industry 4.0. The study highlights a stark contrast between the respondents’ outlook towards the Indian and global economy, and brings out various areas of concern faced by the domestic industry.

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Manufacturing Industry

Government Initiatives
  • In a bid to push the ‘Make in India’ initiative to the global level, Mr Narendra Modi, Prime Minister of India, pitched India as a manufacturing destination at the World International Fair in Germany’s Hannover in 2015. Mr Modi showcased India as a business friendly destination to attract foreign businesses to invest and manufacture in the country.
  • The Government of India has taken several initiatives to promote a healthy environment for the growth of manufacturing sector in the country.
Investments
  • With the help of Make in India drive, India is on the path of becoming the hub for hi-tech manufacturing as global giants such as GE, Siemens, HTC, Toshiba, and Boeing have either set up or are in process of setting up manufacturing plants in India, attracted by India’s market of more than a billion consumers and increasing purchasing power.
  • Cumulative Foreign Direct Investment (FDI) in India’s manufacturing sector reached US$ 70.51 billion by June 2017.
  • India has become one of the most attractive destinations for investments in the manufacturing sector.