Summary
- India aims to become a manufacturing hub by 2047
- Initiatives like “Make in India” and the Production Linked Incentive Scheme support this goal
- Indian companies like Tata Group and Dixon Technologies are ramping up manufacturing capabilities
- Challenges remain, including the need for increased competitiveness and foreign investments
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- Concerns raised about India’s manufacturing growth despite strong macroeconomic indicators
- Structural challenges like infrastructure need highlighted as hindering large-scale momentum
- FDI flows skewed towards services and IT, not manufacturing
- India’s manufacturing growth won’t be comparable to China due to different ecosystems