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December 30, 2024 6:04 PM

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India Emerges as Global Manufacturing Hub with Remarkable Growth

India’s manufacturing sector has witnessed remarkable growth this year, underscoring its transformation into a global powerhouse. The Narendra Modi government has implemented far-reaching economic, social, and foreign policy initiatives in the last ten years. These initiatives have contributed to India’s rise as a global power. Akashvani correspondent reports that during this period, the country steadily positioned itself as a global manufacturing hub.

 

Over the last decade, India’s manufacturing sector has undergone a significant transformation, largely propelled by the Make in India initiative. The introduction of Production Linked Incentive (PLI) schemes across 14 sectors attracted investments of over 1.28 lakh crore rupees and generated more than 8.5 lakh jobs. These initiatives have spurred growth in electronics, steel, pharmaceuticals, and defense manufacturing. Toy exports grew by 239 percent, and mobile phone production by 600 percent. The surge in the production of solar panels and wind turbines also reflects India’s growing commitment to renewable energy.