Manufacturing has entered a new growth phase in India and is currently amongst India’s high growth sectors. The current Prime Minister’s ‘Make in India’ program aims to place India on the global map as a manufacturing hub. India is well on it’s way to become the fifth largest manufacturing country in the world with high year-on-year growth. Cumulative Foreign Direct Investment (FDI) in India’s manufacturing sector is also increasing every year as foreign tech majors set up shop here banking on India’s massive educated & young work force.
Make in India
Under the Make in India initiative, the Government of India has initiated reforms and business-friendly policies to boost the share of the manufacturing sector to the gross domestic product (GDP) to 25 % by by 2022 from the current 16 % and in the process create 100 million new jobs by the year 2022. Business conditions in the Indian manufacturing sector are favourable to new startups and business sentiments continue to remain positive. There is an impetus to developing industrial corridors and smart cities which would further help in integrating, monitoring and developing a holistic environment for industrial development and promote advanced practices in manufacturing.
Investments
India is firmly on the path to becoming a hub for hi-tech manufacturing. Global tech giants such as Boeing, GE, Siemens, HTC, Toshiba have either set up or are in the process of setting up manufacturing plants in India attracted by the India story.
Demand
Major investments and developments are happening in this sector. Manufacturing firms in India remain confident about strong underlying demand in the local market of more than a billion consumers and increasing purchasing power.
Bulk Orders
Successful advertising and receipt of large bulk orders are revving up sales growth. Leading foreign companies are also planning on making India their Research & Development (R&D) base over the next few years and also ramp up their exports.
Fill Your Talent Gaps
From Research & Development to Smartphone production to manufacturing and processing units to automobiles and 3D printing, India’s manufacturing sector is seeing activity like never before. The Indian Government has taken several initiatives to promote a healthy environment for the growth of the manufacturing sector in the country and the results have been nothing short of encouraging thereby unleashing a potent demand for employment and a need for quality talent.
The National Draft Policy on Electronics (NPE) has envisaged the birth of a US$ 500 Billion electronics manufacturing industry in India by 2025. Other new industrial policies envisions the development of a globally competitive Indian manufacturing industry. The Ministry of Defence has also approved the ‘Strategic Partnership’ Model enabling private companies to tie up with foreign players to manufacture submarines, helicopters, fighter jets and armoured vehicles.
India is now an attractive hub for foreign investors eyeing the manufacturing sector. If you are a mobile phone, luxury, automobile or any other manufacturer, the Manufacturing practices team can help you set up and establish your base in India. Whether you need expertise for creating industrial corridors and smart cities or talent for leading electronics or automobile component manufacturing we can help you target the right talent that will help you cement your manufacturing base.