Daijiworld Media Network – New Delhi

New Delhi, Jan 31: India continues to shine on the global manufacturing landscape despite geopolitical tensions, trade policy shifts, and supply chain disruptions, according to the economic survey 2024-25 released on Friday. With a global manufacturing share of 2.8 per cent far behind China’s 28.8 per cent India has immense potential to expand its industrial footprint.

The survey highlighted that manufacturing is increasingly shifting towards emerging economies like India and China, offering India a strong opportunity to capitalize on global industrial diversification. Industrial growth in FY25 is projected to surpass the previous five-year average, registering a robust 6.2 per cent increase, driven by growth in electricity and construction sectors.

Key industries such as steel, cement, chemicals, and petrochemicals have bolstered industrial stability, while consumer-driven sectors like automobiles, electronics, and pharmaceuticals have emerged as growth engines. India, the world’s second-largest cement producer, saw its crude steel and finished steel production grow by 3.3 per cent and 4.6 per cent, respectively, in April-November of FY25. The automobile sector also recorded strong domestic sales growth of 12.5 per cent in FY24, prompting the government to extend the Production Linked Incentive (PLI) scheme for the industry.

The survey emphasized that business reforms at the state level will play a crucial role in fostering industrial development. To realize its manufacturing ambitions, India needs sustained and coordinated efforts from the government, private sector, academia, R&D institutions, and financial stakeholders, the report stated.