The manufacturing sector in India holds the potential to reach US$ 1 trillion by 2025. The government launched ‘Make in India’ in order to give global recognition to the Indian economy. Accordingly, they plan on creating 100 million new jobs in the sector by 2022. Auto Components, Electrical, Mining, Infrastructure, Manufacturing and Engineering are some of the Indian sectors which are a huge part of ENGIMACH. On the whole. it helps to connect domestic and international companies all in one space.

INVESTMENTS IN THE MANUFACTURING INDUSTRY

As a matter of fact, Make in India drive is accelerating India to become the hub for hi-tech manufacturing, attracting a billion customers and increasing purchasing power. In the recent past, the sectors witnessed some major investments and developments.

• Global giants like GE, Siemens, Toshiba, etc. have set up new manufacturing plants or are raring to. They hold an increasing capacity to spend to localize their offers. Companies including Samsung, Foxconn, and Wistron Corp., have also advanced $1.5 billion worth of investments. Their mobile phone factories will soon be established in India.
• India received funds worth ~US$ 30 billion through foreign direct investment in FY21 as a 15% increment from the past.
• Amazon India announced to start manufacturing electronic products in India. In the light of that, they would begin it with contract manufacturer Cloud Network Technology by the end of 2021.
• Toyota Kirloskar Motor (TKM) signed an MoU with the Directorate General of Training (DGT), Ministry of Skill Development and Entrepreneurship, in January 2021. They aim at developing skills among the youth under the government’s Flexi-MoU Scheme.

GOVERNMENT OF INDIA INITIATIVES

Together with the support, India can reach its full manufacturing potential if we play our cards right. We can make the best from industrial trade fairs like ENGIMACH. The government of India continues to take initiatives to promote the healthy growth of the manufacturing sector in the country.

• The Union Budget 2021-22 plans on bringing enhancement to the sector’s domestic growth. It involves the development of robust infrastructure, logistics and utility environment.
• Likewise, FDI in defence manufacturing under the automatic route was increased by 25%.
• The Mega Investment Textiles Parks (MITRA) Scheme aims at building world-class infrastructure that benefits from economies of scale and agglomeration. Seven such parks will be established over three years.
• The construction of modern fishing harbours and fishing landing centres saw significant investments. It will subsequently improve exports from the textiles and marine sectors.
• The implementation of the Goods and Services Tax (GST) will form an attraction from the investors having formed a common market with a GDP of US$ 2.5 trillion and a population of 1.32 billion.
• Samarth Udyog Bharat 4.0 is an Industry 4.0 initiative under the Ministry of Heavy Industry & Public Enterprises. It came into action in order to bring in crucial digital transformation in the sector.

FUTURE OF THE INDIAN MANUFACTURING SECTOR

Manufacturing has grown into one of the highest growing sectors in India. Companies today can leverage data from multiple sources, transform their existing manufacturing processes to achieve production efficiency at multiple levels and release new business models. Industry 4.0 Revolution is driven by numerous technologies coming together. It digitalizes manufacturing, value creation processes and related industries. The government aims at providing further assistance in integrating, monitoring and developing the industry with advanced practices.