The manufacturing industry in India has emerged as a fast-growing sector owing to the rapidly increasing population in the country. Investments in the sector have been on the rise and initiatives like ‘Make in India’ aim to the South Asian country into a global manufacturing hub. The annual production growth rate in the manufacturing industry was 4.7 percent percent during fiscal year 2023.
Foreign and domestic enterprises
The gross value added by the manufacturing sector in India has grown steadily however it is still lower than services sector. With the prospect of a huge consumer market, global giants such as Siemens, HTC, Toshiba have already set-up or are in the process of setting up manufacturing plants across the region. Apple has also been setting up nascent operations in India to diversify from China-centered production. On the other hand, the micro, small and medium enterprises sector is also crucial to transforming India from an agriculture-based economy to an industrialized one. MSME's contribution to Indian GDP has remained stable over the last few years.
The future
With technology reaching what previously were unimaginable heights in the last decade, industries need to keep up with the current trends and the technology. The focus is shifting towards machine learning to improve the efficiency and precision of the work. Almost 50 percent of the decision-makers in the machine learning industry believed that machine learning solutions have a high impact on organizations. ‘Smart manufacturing’, a combination of internet of things and artificial intelligence are expected to see a growth in the coming decade.
Annual growth rate of production in the manufacturing industry in India from financial year 2013 to 2023
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Annual growth rate
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Department for Promotion of Industry and Internal Trade (India). (October 31, 2023). Annual growth rate of production in the manufacturing industry in India from financial year 2013 to 2023 [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/661391/manufacturing-industry-production-growth-rate-india/
Department for Promotion of Industry and Internal Trade (India). "Annual growth rate of production in the manufacturing industry in India from financial year 2013 to 2023." Chart. October 31, 2023. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/661391/manufacturing-industry-production-growth-rate-india/
Department for Promotion of Industry and Internal Trade (India). (2023). Annual growth rate of production in the manufacturing industry in India from financial year 2013 to 2023. Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/661391/manufacturing-industry-production-growth-rate-india/
Department for Promotion of Industry and Internal Trade (India). "Annual Growth Rate of Production in The Manufacturing Industry in India from Financial Year 2013 to 2023." Statista, Statista Inc., 31 Oct 2023, https://www.statista.com/statistics/661391/manufacturing-industry-production-growth-rate-india/
Department for Promotion of Industry and Internal Trade (India), Annual growth rate of production in the manufacturing industry in India from financial year 2013 to 2023 Statista, https://www.statista.com/statistics/661391/manufacturing-industry-production-growth-rate-india/ (last visited August 25, 2024)
Annual growth rate of production in the manufacturing industry in India from financial year 2013 to 2023 [Graph], Department for Promotion of Industry and Internal Trade (India), October 31, 2023. [Online]. Available: https://www.statista.com/statistics/661391/manufacturing-industry-production-growth-rate-india/