Evaluating India’s Ascent in the Future of Manufacturing
India is quickly emerging as a new power center in the manufacturing world. Owing to its demographic advantage, rapid urbanization, digital transformation, growing middle class, strong economic reforms, strategic geopolitical position, and green energy revolution, it is expected to become a leading global economy during this decade. According to the International Monetary Fund (IMF), India is expected to grow at 5.9% in 2024 and continue to be one of the fastest-growing economies. Having been a service economy (for the most part) for decades, the country's manufacturing landscape is indicating an upheaval.
Aided by a stable political climate and a proactive industrial policy, India is showing all the signs of becoming a major manufacturing alternative to China during the next decade. Global supply chain fragility and an unstable geopolitical situation in the West give India a competitive advantage, which will advance manufacturing development in the country. This study analyzes the current manufacturing landscape in India and offers foresight on potential growth opportunities.
