The year when the Make-in-India lion started roaring: Top 10 ventures
The toy sector is a small part of the local manufacturing industry India is now trying to build to take advantage of global supply chains shifting from China, generate jobs for its huge youth population and become self-reliant in manufacturing as well as an export powerhouse. From telecom to auto to defence to semiconductors, India is subsidising local manufacturing in more than a dozen sectors.
According to a BCG study on global manufacturing shifts, India enjoys a strong advantage in direct manufacturing costs as an export platform.
As per BCG's calculations, the average landed cost of Indian-made goods imported into the US, including factory wages adjusted for productivity, logistics, tariffs and energy, is 15% lower than if the goods are made in the US. By contrast, the average US landed cost from China is only 4% lower than US costs and 21% higher for goods subject to US tariffs related to the trade war.
2023 showed great promise for India's ambition to become a manufacturing power.
A number of large projects were planned or started in the year. The year also saw the debate on Indian manufacturing shift to whether India should stick to its services-dominated economy or put more emphasis on manufacturing from a pessimistic debate in the last few years over whether India at all has the potential to become a manufacturing power.
The Make-in-India lion, the logo for India's local manufacturing initiative, started roaring as India was able to begin its most ambitious local manufacturing plan, of making semiconductor chips in the country.
The production-Linked Incentive (PLI) scheme for 14 sectors has attracted over Rs 95,000 crore in investment till September this year, according to the Commerce and Industry
