Next Big Thing in the Manufacturing Realm
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Next Big Thing in the Manufacturing Realm

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Next Big Thing in the Manufacturing Realm

Sujith Vasudevan, Managing Editor, 0

Solving societal challenges with futuristic technologies and innovations with foresight is a great way to succeed in any country. Over the past nine years, India has taken the lead in creating technologies instead of being a mute spectator and consumer of technology. Remember, India-problems always require India-solutions. However, India has no plan to take its foot off the gas. The government has already devised meticulous plans to make the country a manufacturing hub. For instance, the Indian Semiconductor Industry market size is expected to reach
$271.9 billion by 2032, growing a CAGR of 25.7 percent, according to reports.The Indian manufacturing industry generated 16-17 percent of India’s GDP pre-pandemic and is projected to be one of the fastest-growing sectors.

Union Minister Ashwini Vaishnav says, “We are focusing on specific areas where we can take global leadership. We have emerged as a major telecom and EV (electric vehicle) semiconductors segment. If we focus on manufacturing chips used in these segments, we can become a global leader in these areas. Work is being done keeping these emerging areas in mind.” On the other hand, Union Minister Jyotiraditya Scindia recently said that India will have 4,500 Vande Bharat trains running across the country by 2047. India is changing and doing so by creating a lot of opportunities, especially in the manufacturing segment. According to IBEF, Manufacturing exports registered the highest ever annual exports of $447.46 billion with 6.03 percent growth during FY23, surpassing the previous year’s record ($422 billion). By 2030, the Indian middle class is expected to have the second largest share in global consumption at 17 percent. Given our 140 crore population, it’s a huge opportunity in the segment.