March 4, 2022
Manufacturing spending is expected to be dominated by spending on IoT, robotics and IT-OT integration among others.
Private sector investments in R&D and the diversification of export product portfolio are key to furthering Indian exports.
Brazil, India, the USA, China and the United Kingdom are expected to make a majority of the investments by 2025.
A mix of Digital Continuity, Digital Convergence and Digital Insights technologies are expected to be adopted in the manufacturing sector.
Prime Minister Modi called for the transformation of India into a manufacturing hub and the reduction of sectoral reliance on imports during the ‘Make in India for the World webinar’ organized by the Department for Promotion of Industry and Internal Trade (DPIIT) on March 3rd. In order to achieve the aforementioned objectives, domestic manufacturing is to be scaled up across sectors and manufacturing standards be elevated to global standards. Given the disruptions in the supply chain owing to the pandemic, the Prime Minister called for the potential of the manufacturing sector to be realized such that the objectives of ‘Make in India’ are achieved.
The Prime Minister identified a variety of steps that can be taken to increase the pace of domestic manufacturing and sectoral growth, including:
The provisions outlined in the Atmanirbhar Bharat stimulus packages, Union Budget as well as the upcoming reforms in the Special Economic Zone Act are indicative of development-conducive policymaking. The Prime Minister asserted “Aatmanirbharta is all the more important if we see from the prism of national security,” he said, adding that manufacturing accounts for 15% of India’s GDP, but there are infinite possibilities for Make in India,” and called for companies to take pride in the Indian customer base.