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GDP from Manufacturing in India increased to 5355.42 INR Billion in the third quarter of 2017 from 5131.39 INR Billion in the second quarter of 2017. GDP from manufacturing in India averaged 4269.80 INR Billion from 2011 until 2017, reaching an all time high of 5355.42 INR Billion in the third quarter of 2017 and a record low of 3305.81 INR Billion in the fourth quarter of 2011.
India’s gross domestic product (GDP) is expected to reach US$ 6 trillion by FY27 and achieve upper-middle income status on the back of digitization, globalization, favorable demographics, and reforms. Numerous foreign companies are setting up their facilities in India on account of various government initiatives like Make in India and Digital India. Mr. Narendra Modi, Prime Minister of India, has launched the Make in India initiative with an aim to boost the manufacturing sector of Indian economy, to increase the purchasing power of an average Indian consumer, which would further boost demand, and hence spur development, in addition to benefiting investors.
The Government of India, under the Make in India initiative, is trying to give boost to the contribution made by the manufacturing sector and aims to take it up to 25 per cent of the GDP from the current 17 per cent. Besides, the Government has also come up with Digital India initiative, which focuses on three core components: creation of digital infrastructure, delivering services digitally and to increase the digital literacy. According to a study recently conducted by global management consulting firm McKinsey and Company, the Indian manufacturing industry is expected to touch US$ 1 trillion by 2025. Industry experts accredit the increasing demand of manufacturing units and the penchant for setting up low-cost plants in India by multinational firms for this possible development. Around 90 million domestic jobs are waiting to be created by that timeframe with the manufacturing segment contributing about 25-30% of India’s gross domestic product. India’s rapidly expanding economy is giving both international entrepreneurs and home players an array of opportunities to venture out and grow.
Indian industries are contributing a commendable portion to the balanced growth of Indian economy. Though India’s GDP in the manufacturing sector has improved over the last two years due to the ‘Make in India’ drive, but it is still low as compared to our neighboring countries like Thailand (where 35 per cent of GDP is from manufacturing), China (32 per cent), Phillippines (30 per cent) Indonesia (29 per cent). We have a long way to go. The cause for the same is ‘Make in India’ is not about getting foreign companies or large corporate to set up business in India. Such companies are unable to create employment in manufacturing. Moreover, it is also not simple or easy to do business in India. But, the government is taking all the fruitful measures to address this challenge by making the system transparent.
Digitization is one of the steps taken in this direction by the government and many other new initiatives are Invest India, Start Up India and e-biz Mission Mode Project under the national e-governance plan. All these actions are facilitating investment and ease of doing business in the country. Secondly, every industry should carry out an operational performance improvement program periodically to improve as well as to enhance its current performance. To sum up, the present paper provides a brief overview of performance of the industrial sector in India’s economy. India’s industrial sector is burgeoning: a sign of an economy on the high growth path. It has become the mainstay of the growth process and has emerged as the most dynamic sector of the Indian economy, particularly since last one and half decade. The foregoing analysis brings out the fact this sector is one of the best solutions to the problems of poverty, insecurity, unemployment, over population in the modern world.
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