Make in India Initiative has Made Remarkable Progress
India is already an attractive hub for foreign investment in the manufacturing industry. Several mobile phone, luxury and automobile brands, so IBEF.org, have established themselves in the country or intend to set up their production facilities there. Manufacturing has become one of the fastest growing sectors in India. Prime Minister Narendra Modi has launched the Make in India programme to put India on the world map as a manufacturing hub and bring global recognition to the Indian economy. India has the potential to become a global manufacturing hub and can contribute more than $500 billion annually to the global economy by 2030.
In 2022, Apple's Indian plants will manufacture about 11-12 million iPhones, which is expected to account for 5-7% of the company's global iPhone shipments. In India, the tech giant's three plants would manufacture iPhones to meet 85% of domestic demand and reach record levels in 2022. Foxconn, one of the tech giant's contract manufacturers in India, is expected to produce a limited quantity of the upcoming series.
India's manufacturing sector has the potential to reach US$1 trillion by 2025.
India's manufacturing sector has the potential to reach US$1 trillion by 2025. The implementation of the Goods and Services Tax (GST) will make India a single market with a GDP of US$2.5 trillion and a population of 1.32 billion, which will be a major attraction for investors. The Indian Cellular and Electronics Association (ICEA) forecasts that India has the potential to increase its cumulative manufacturing capacity for laptops and tablets to US$100 billion by 2025 through policies.
With the push to develop industrial corridors and smart cities, the government aims to ensure holistic development of the country. The corridors would support the integration, monitoring and development of an enabling environment for industrial development and promote advanced practices in manufacturing. (Quelle IBEF.org/Indien aktuell)