Union Minister Pralhad Joshi says India is set to become the 3rd largest manufacturing hub, driven by Make in India, skilled workforce, and sustainable growth.
India’s Manufacturing Boom: A New Era of Growth
Union Minister Pralhad Joshi recently announced that India is on track to become the 3rd Largest Global Manufacturing Hub in the world, surpassing previous challenges and leveraging its strong workforce, resources, and government initiatives. Speaking at the inauguration of Hodek Vibration Technologies’ new greenfield unit in Dharwad, Karnataka, Joshi highlighted India’s rapid industrial growth under PM Narendra Modi’s leadership.
Aditya Birla Group Expands US Footprint with Strategic Georgia Acquisition.
Key Factors Driving India’s Manufacturing Growth
- Self-Reliance & Reduced Dependence on Imports
- India has significantly reduced its reliance on imports since 2014.
- The “Make in India” initiative has boosted domestic production across industries like IT, automobiles, electronics, and renewable energy.
- Global Demand for Indian Talent
- Countries like Germany are actively recruiting skilled Indian workers due to a shortage of qualified professionals.
- India’s young, educated workforce is a major asset in manufacturing and technology sectors.
- Greenfield Projects & Sustainable Manufacturing
- Companies like Hodek Vibration Technologies are expanding with eco-friendly measures, including solar-powered units and ISO 14001 Environmental Certification.
- The new Dharwad unit will create 500+ jobs, boosting North Karnataka’s economy.
- Vision for Viksit Bharat 2047
- NITI Aayog CEO BVR Subrahmanyam emphasized that India’s manufacturing sector must grow at 15% annually to contribute 25% to GDP by 2047.
- The goal is to make India a $7.5 trillion economy through industrial expansion.
India vs. China & Vietnam: The New Manufacturing Powerhouse
Previously, China and Vietnam dominated global manufacturing. However, India is now emerging as a strong competitor due to:
- Lower labor costs
- Government incentives (PLI schemes, tax benefits)
- Strong infrastructure development
What’s Next for India’s Manufacturing Sector?
- More foreign investments in electronics, semiconductors, and electric vehicles.
- Expansion of renewable energy projects to support sustainable manufacturing.
- Increased focus on skill development to meet global industry demands.
Conclusion
India’s transformation into a global manufacturing leader is no longer a distant dream. With strong policies, skilled youth, and sustainable industrial growth, the country is set to become the third-largest manufacturing hub, reshaping the global supply chain.
NEWS SOURCE :- ANI NEWS
