Manufacturing Industry in India has gone through various phases of development over the period of time. Since independence in 1947, the domestic manufacturing sector has traveled from building the industrial foundation in 1950’s and early 1960’s, to the license–permit Raj between 1965 to 1980. Then it underwent a phase of liberalization of 1990’s and finally to the present phase of global competitiveness. The Indian Manufacturing sector currently contributes 16-17% to GDP and gives employment to around 12% (2014) of the country’s workforce. Various studies have estimated that every job created in manufacturing has a multiplier effect in creating 2–3 jobs in the services sector. In a country like India, where employment generation is one of the key policy issues, this makes this sector a critical one to achieve inclusive growth. Manufacturing is thus rightfully at the center-place of the Hon’ble Prime Minister’s Vision for Make In India (MII), which is to increase contribution of manufacturing to GDP to 25%. With a view to achieving this objective Prime Minister Narendra Modi launched MII on September 25, 2014.
While a number of factors like robust domestic demand, a growing middle class, a young population and a high return on investment, makes India a credible investment destination and presents an attractive opportunity to manufacturers, MII campaign has emerged as a unifying factor with a holistic approach to take India to a new level of economic growth. The 25 strategic sectors that have been identified under the campaign offer a gamut of opportunities for investment. Further, a concerted plan is underway to initiate policy reforms in the identified sectors to further buttress manufacturing growth.
The MII initiative has provided fresh impetus to several sectors and has presented before the companies a wide scope for investments and opportunities in terms of partnerships, collaborations or joint ventures, R&D, manufacturing, distributorship, financing and insurance or local support.
The future of Indian Manufacturing remains bright and we look forward to seeing the sector going from strength to strength in the coming years. Global economic scenario as well as the steps taken by the Government impact performance in the manufacturing sector in the short, medium and long term.
CII through its various activities under the aegis of National Manufacturing Council has been at the forefront of the MII agenda and worked closely with the Government in providing inputs on key issues across the manufacturing spectrum to facilitate growth, enhance efficacy and competitiveness as well as generate business opportunities for both local and foreign investors.The overall mission of the Council has been to align with MII and help manufacturing sector increase its contribution to 25% by 2022.
Manufacturing Industry in India has gone through various phases of development over the period of time. Since independence in 1947, the domestic manufacturing sector has traveled from building the industrial foundation in 1950’s and early 1960’s, to the license–permit Raj between 1965 to 1980. Then it underwent a phase of liberalization of 1990’s and finally to the present phase of global competitiveness. The Indian Manufacturing sector currently contributes 16-17% to GDP and gives employment to around 12% (2014) of the country’s ...