Indian Manufacturing Sector Aims to Grow to $6 Trillion to Achieve $30 Trillion Economy
The Indian manufacturing sector has set its sights on an ambitious goal of reaching a staggering $6 trillion, up from the current $500 billion, in order to fulfill the government’s vision of building a $30 trillion economy. Baba Kalyani, Chairman and Managing Director of Bharat Forge, emphasized the need for such expansion during his speech at the Natcon 2023 national conference held recently.
Kalyani highlighted that India’s manufacturing sector currently contributes only 14-15% ($500 billion) to the global manufacturing industry valued at $3.5 trillion. To achieve the desired growth, the sector will have to experience a remarkable increase of 10-12 times within a span of 25 years, comparable only to China’s exceptional growth.
However, Kalyani remained optimistic about India’s prospects, pointing out that the introduction of technologies like artificial intelligence and 5G will drive significant changes in the industry. Additionally, India benefits from its young population, often referred to as the demographic dividend. With an average age ranging from 28 to 30 years for the next three decades, the nation possesses a considerable advantage.
Furthermore, Kalyani shed light on an opportunity arising from the western world’s shift away from manufacturing. He noted that companies operating in advanced economies, such as Europe and the US, are encountering difficulties in finding skilled labor for their production facilities. India can leverage this situation to its advantage and become a preferable destination for manufacturing operations.
In conclusion, the Indian manufacturing sector aspires to achieve unprecedented growth, aiming to reach $6 trillion from its current $500 billion state. This ambitious goal is crucial for India to realize its vision of becoming a $30 trillion economy. With the implementation of advanced technologies and the advantage of a young population, India has the potential to position itself as a leading manufacturing hub in the world. The future of the Indian manufacturing sector holds immense promise, and stakeholders across industries should work together to drive this transformation.
Frequently Asked Questions (FAQs) Related to the Above News
What is the current contribution of the Indian manufacturing sector to the global manufacturing industry?
The Indian manufacturing sector currently contributes only 14-15% ($500 billion) to the global manufacturing industry valued at $3.5 trillion.
What is the ambitious goal set by the Indian manufacturing sector?
The Indian manufacturing sector aims to grow to $6 trillion, up from the current $500 billion.
Why is the Indian manufacturing sector aiming for such ambitious growth?
The aim is to fulfill the government's vision of building a $30 trillion economy.
How does this growth compare to China's exceptional growth?
To achieve the desired growth, the Indian manufacturing sector will have to experience a remarkable increase of 10-12 times within a span of 25 years, comparable to China's exceptional growth.
What technologies are expected to drive significant changes in the Indian manufacturing industry?
Technologies like artificial intelligence and 5G are expected to drive significant changes in the Indian manufacturing industry.
What advantage does India have in achieving its manufacturing growth goals?
India benefits from its young population, often referred to as the demographic dividend. With an average age ranging from 28 to 30 years for the next three decades, the nation possesses a considerable advantage.
How can India benefit from the shift away from manufacturing in the western world?
Companies operating in advanced economies, such as Europe and the US, are encountering difficulties in finding skilled labor for their production facilities. India can leverage this situation to its advantage and become a preferable destination for manufacturing operations.
What is the potential for the Indian manufacturing sector to become a leading manufacturing hub in the world?
With the implementation of advanced technologies and the advantage of a young population, India has the potential to position itself as a leading manufacturing hub in the world.
What should stakeholders across industries do to drive the transformation of the Indian manufacturing sector?
Stakeholders across industries should work together to drive the transformation of the Indian manufacturing sector and realize its immense promise.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
