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Tech-led Indian mfg sector coming of age
It’s world’s third-largest smartphone exporter, net exporter of steel for the first time
New Delhi: India’s manufacturing sector is making its presence felt on the global stage across industries ranging from electronics to steel, with the country emerging as the world’s third-largest smartphone exporter and net exporter of steel for the first time.
Driven by government initiatives and strategic investments over the last decade, the country steadily positioned itself as a global manufacturing hub. From producing record volumes of crude steel to meeting rising domestic and global demands, to pioneering advancements in electric vehicles and consumer electronics. Sectors once considered niche, like toys, are experiencing unprecedented expansion with exports increasing by a whopping 239 per cent and imports declining by 52 per cent.
The labour-intensive Micro, Small, and Medium Enterprises (MSMEs) remain the backbone of India’s manufacturing sector, contributing 35 per cent of the total output and 45 per cent of exports. As of 2024, 4.7 crore MSMEs are registered on the Udyam Portal, benefiting from credit schemes that provided 92 lakh guarantees worth Rs6.78 lakh crore.
Over the past decade, textiles and apparel exports have grown by 20 per cent, reaching Rs 2.97 lakh crore, making India a top-five global exporter in the sector.
India’s semiconductor industry reached a historic turning point in 2024. The country is set to achieve an annual capacity of 2,500 crore chips, producing semiconductors for applications ranging from automotive and electric vehicles to consumer electronics and telecom.
India’s pharmaceutical industry, too, now boasts of 748 USFDA-approved sites, a testament to its world-class manufacturing capabilities. The surge in the production of solar panels and wind turbines reflects India’s growing commitment to renewable energy. India’s manufacturing sector has witnessed remarkable growth in 2024, underscoring its transformation into a global powerhouse. The year also marked 10 years of Make in India under which remarkable strides have been made to turn India into a manufacturing giant.
Over the last decade, India’s manufacturing sector has undergone a significant transformation, largely propelled by the Make in India initiative.
