Introduction

  • India’s economy needs a strong manufacturing push as the nation’s dominant services sector is combating the aftershocks of pandemic waves.
  • Notably, growth in manufacturing has not been to expected levels despite the availability of cheap labour and other resources.

Major government initiatives

Make in India initiative

  • The Make in India initiative is designed to facilitate investment and foster innovation while boosting skill development that would finally help build one of the world’s best manufacturing infrastructure in India.
  • The focus of the Make in India programme encompasses 25 sectors including automobiles, automobile components, aviation, biotechnology, chemicals, construction, defence manufacturing, electrical machinery, electronic systems, food processing,
    • IT & BPM, leather, media and entertainment, mining, oil and gas, pharmaceuticals, ports and shipping, railways, renewable energy, roads and highways, space, textile and garments, thermal power, tourism and hospitality and wellness.

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Production Linked incentive scheme

  • A keystone of Make in India is the Production Linked Incentive (PLI) scheme.
    • In the Union Budget 2021-22, an outlay of Rs 1.97 lakh crore for the PLI Schemes for 13 key sectors was announced, to create national manufacturing champions and generate employment opportunities for the country’s youth aim to improve India’s rank on the Ease of Doing Business index by eliminating unnecessary laws and regulations, making bureaucratic processes easier, and making the government more transparent, responsive and accountable.

Significance of the initiatives

Potential of India

  • India has a massive domestic market with an increasing purchasing power, the largest pool of workers across diverse skill categories, and its industrial ecosystem is maturing which makes it a viable option for investment and growth, and make India a manufacturing hub.
    • India is now 4th amongst the world’s most attractive investment destinations.
  • India has emerged as the fastest growing economy globally.
    • India is forecast to grow at 10.1 percent in 2022, becoming the fastest-growing major economy in the world.

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Major Sectoral Success Stories

Manufacturing Sector

  • The manufacturing sector is expected to reach USD 1 trillion by 2025 and contribute about 25 percent to India’s GDP. As per the World Bank, manufacturing contributed about 16 percent to the country’s GDP in 2016.

Automobiles

  • Global car majors have been ramping up investments in India to cater to growing domestic demand.
  • These manufacturers plan to leverage India’s competitive advantage to set up export-oriented production hubs.
  • The Indian automotive industry is the fifth largest in the world and is slated to be the third largest by 2030.

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Retail

  • Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players.
  • It accounts for over 10 percent of the country’s gross domestic product (GDP) and around eight percent of the employment.

Pharmaceuticals

  • India is the largest provider of generic drugs globally. Indian pharmaceutical sector supplies over 50 percent of global demand for various vaccines, 40 percent of generic demand in the US and 25 percent of all medicine in the UK.
  • Globally, India ranks 3rd in terms of pharmaceutical production by volume and 14th by value.
    • The domestic pharmaceutical industry includes a network of 3,000 drug companies and 10,500 manufacturing units.
  • In the global pharmaceuticals sector, India is a significant and rising player.

Archive of Gist of Kurukshetra | February 2022 Issue: Health

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