India Manufacturing Sector: Driving Viksit Bharat with Robust Industrial Cities
India Manufacturing Sector: The Backbone of Viksit Bharat
The India manufacturing sector has been identified as a critical spoke in India’s journey towards Viksit Bharat. Over the past few years, the government has embarked on a holistic approach to strengthen the domestic manufacturing capabilities. The Make in India initiative and the performance-linked incentive scheme are geared towards enabling a seamless manufacturing ecosystem.
Key Government Initiatives
- Ease of Doing Business
- Cost of Doing Business improvements
- One Nation One Tax
- Infrastructure Development through Gati Shakti
The Cabinet approval to 12 industrial nodes under the National Industrial Corridor Development Programme is set to propel us into the next leap forward.
Investment Potential and Job Creation
This strategic move indicates an investment potential of ₹1.5 trillion and could create about 10 lakh direct and 30 lakh indirect employment opportunities. The government aims to develop world-class industrial cities in India to transform the manufacturing landscape.
Regional Development and Global Competitiveness
Indian cities like Hyderabad, Bengaluru, and Noida are already recognized globally, and with this initiative, more cities could join this league. The approach of cluster-based industrial development has proven to be a significant economic accelerator, as seen in successful countries like Vietnam and Taiwan.
Innovative Concepts Driving Manufacturing
The establishment of greenfield industrial cities will facilitate domestic and international investments, supporting concepts like plug-and-play infrastructure and walk-to-work urban planning.
Aiming for Global Manufacturing Leadership
To realize the vision of becoming a manufacturing hub, India aims to increase its global manufacturing share to 12% from the current 3.1%, necessitating a significant boost in manufacturing productivity by 2030.
Critical Reforms Needed for Future Growth
Ensuring effective implementation of ongoing reforms and reducing logistics costs will be essential for enhancing manufacturing competitiveness in the country, thereby solidifying India's position as a global manufacturing powerhouse.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.