India’s Manufacturing Push: India aims to increase the manufacturing sector’s share of GDP from 12% to 23% in the next two decades. This is driven by the need to create jobs, reduce import dependence, and build globally competitive supply chains.
Focus on Sunrise Sectors: The government is prioritizing 14 identified sunrise sectors, including semiconductors, renewable energy components, medical devices, and batteries. This also include labour-intensive industries, such as textile and leather.
Importance of Manufacturing: Manufacturing is seen as crucial for long-term economic transformation, providing employment, financial stability, and driving demand for infrastructure and governance reforms.
PLI Scheme: The government introduced the Production-Linked Incentive (PLI) scheme to boost manufacturing in sunrise
economy contribute significantly to India’s GDP and employment, manufacturing is considered essential for balanced economic growth and social cohesion.
Global Manufacturing Reset: India is adapting to the global shift in manufacturing brought about by the Fourth Industrial Revolution.
Stability and Policy Predictability: The Finance Minister emphasized the importance of stable governance, consistent policies, and predictable tax regimes for attracting investments and driving growth.
Sunrise Industry Definition: A sunrise industry is a newly emerging and rapidly growing sector, attracting investors due to its potential for long-term growth and high returns, often driven by technological innovation.
