As the Government aims to make India a USD 30 trillion economy by 2047, its premier think tank Niti Aayog has decided to reach out to experts to help identify key sectors that have the potential to transform the country into a Global Manufacturing Hub.
“With its favourable demographics, skilled workforce, and increasing economic growth, India can attract significant investments and become a preferred destination for manufacturing. In view of this, research studies are proposed to be undertaken by industry vertical on identifying the key sectors for India to become a global manufacturing hub,†said an official from the Niti Aayog.
As per the Request for Proposal issued recently, the studies will focus on analyzing various factors, including future trends in manufacturing, industrial capabilities, infrastructure, policy framework, and market potential, to determine the sectors that offer the most significant opportunities for India’s manufacturing growth.
The researchers have been asked to study around 12 sectors which they feel that can be exploited to boost the investments.
Among others, the study should give details on identification of key sectors in India with high growth potential for manufacturing considering the value of product, manufacturing efficiency and global demand.
Also, assessment of the existing industrial capabilities, infrastructure, and other factors of production in the identified sectors has also been sought.
“Assessing the infrastructure requirements, including transportation, logistics, power supply, and digital connectivity, for each identified sector; examining the policy framework, including regulatory environment, tax structure, trade agreements, and ease of doing business, relevant to manufacturing in India,†needs to be factored in while submitting the studies.
The experts will also have to suggest global market trends, competitive landscapes, and export potential for the selected sectors.
The move comes amid various reports stating India has the potential to become a Global Manufacturing Hub, and by 2030 it is expected to add more than US$ 500 billion annually to the global economy.
As per FICCI president Anish Shah, India’s manufacturing sector will transform into a global powerhouse in the next five years, aligned with the country’s goal of reaching a USD30 trillion GDP by 2047.
India can become a manufacturing hub for the world and that is going to drive manufacturing growth faster, he had said.
