Paper Contents
Abstract
This article is to study the trend and growth rate of major industry groups of manufacturing sectors of India during the period from 2012-13 to 2023-24. The manufacturing sector in India has seen a significant uptick, with the annual average growth rate of major industry groups rising by 2.4% per year. Similarly, the compound growth rate of these major industry groups was 2.5% per annum. India now has the physical and digital infrastructure to increase the manufacturing sector's share of the economy and position itself as a key player in global supply chains. A globally competitive manufacturing sector is India's greatest potential to drive economic growth and job creation this decade. Several factors contribute to this potential. India has advantages in raw materials, industrial expertise, and entrepreneurship that can benefit these value chains. They can capitalize on four key market opportunities: expanding exports, localizing imports, meeting domestic demand, and contract manufacturing. Additionally, digital transformation is a crucial component for achieving a competitive edge in this dynamic industry. Manufacturing in India is gradually shifting towards more automated, process-driven operations, which is expected to boost efficiency and production. The government's initiatives, such as the National Manufacturing Policy and the PLI scheme for manufacturing, aim to increase the manufacturing sector's share of GDP to 25% by 2025 and develop the core manufacturing sector to global standards. India's mobile phone manufacturing industry, driven by government incentives and increased global demand, anticipates creating 150,000 to 250,000 direct and indirect jobs within the next 12-16 months. Major players like Apple and its contract manufacturers, along with Dixon Technologies, are expanding their workforce to meet growing production needs.
Copyright
Copyright © 2024 Dr. R. Rajah. This is an open access article distributed under the Creative Commons Attribution License.
