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Manufacturing in India

Manufacturing in India has attracted the attention of the world with the Government of India's initiative "Make in India" starting to show desirable results. It is now a major growth and job creation sector for India with India becoming the 6th largest manufacturing nation in the world (Source: UNIDO, 2016) and the Indian economy and manufacturer getting the recognition in the world that it deserved. The share of manufacturing in GDP presently is just 17% and the new government has set a target of raising it's share to 25% of GDP by the year 2025.

The focus of the government on manufacturing stems from the fact that it has the potential to reach 1 trillion USD by 2025 while generating 90 million jobs within the country which is the pressing need of the time given the youth constitutes more than 60% of the total population. The manufacturing sector is attracting investment from around the world not only because of favourable business conditions but also because India has a huge consumers of 1 billion with an increasing purchasing power.

The Government of India has taken a number of initiatives to promote manufacturers and attract investment from the globe in this sector. Passing of GST bill, simplification of the taxation policy, granting of licenses including environmental clearances in quick time, offering red-carpet to the investors and manufacturer instead of red-tape, significant improvement in the infrastructure including availability of power, tax incentives for big investors, availability of skilled manpower, land and labour reforms, improvement in logistics and transportation etc. are some of the measures taken by the government which has also led to significant improvemnt of India in the Ease of doing business index and is expected to improve further. The construction of economic corridor, huge investment on railways, roads and shipping etc. would further give a boost to manufacturing in India.

The various initiatives taken by the Indian government has led to a significant improvement in the FDI in India. India has not only become the fastest growing economy in the world but also attracted the highest ever FDI in 2015-2016 which was 55.5 Billion USD. The chairman of International Moneytary Fund has called India as the bright star in Global doom. UN said that India is on the path of becoming the global hub of high-tech manufacturing even as global manufacturing growth is expected to remain low in 2016. India has made significant improvement in various manufacturing sector including electronics, automobiles among others and many big brand manufacturers has set up their manufacturing plants here.

Last Updated: 3rd August, 2016
Disclaimer: This information has been collected and presented from research by other organisations and IndiaMarketPlaces.com is not responsible for any incorrect information or error in the article.
References: Print Media, Electronic Media, Research Organisations, Press Releases among others.

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