India is experiencing a remarkable surge in global investment interest, with the country’s manufacturing sector expected to grow significantly in the coming decades, according to Commerce and Industry Minister Piyush Goyal. He emphasized that India’s manufacturing share is set to rise to 25 percent of GDP by 2047 as the nation progresses toward becoming a developed economy.
Goyal highlighted the growing global enthusiasm for both manufacturing and services in India, stating, “Everywhere I go, there’s immense interest in investing in India. During this ‘Amrit Kaal,’ we will see our manufacturing sector contribute 25 percent to the GDP, creating jobs for millions.” This optimistic outlook aligns with India’s long-term goal of strengthening its industrial base.
The minister also underscored the success of the ‘Make in India’ initiative, which recently completed 10 years. He pointed out that despite global challenges like the pandemic and ongoing wars, India’s manufacturing sector has held steady, maintaining a 16 percent share of the GDP. “Our economy grew by 90 percent over the last decade, and manufacturing kept pace, especially in sectors like electronics and semiconductors. The success of companies like Apple reflects this progress,” Goyal said.
Reflecting on India’s economic position before 2014, Goyal noted that the country was once considered part of the “fragile five” economies, plagued by corruption and a poor investment climate. The launch of ‘Make in India’ by Prime Minister Modi was a bold step that transformed India into a desirable investment destination.
Key reforms, including the introduction of GST, the Insolvency and Bankruptcy Code (IBC), and the promotion of initiatives like One District One Product (ODOP), have played a significant role in improving the ease of doing business in India. The government’s zero-tolerance approach to corruption, along with the Production Linked Incentive (PLI) scheme and a focus on emerging sectors like electronics, has further strengthened domestic and foreign investments in the country.
