The 'Make in India' program was developed to make India a manufacturing hub on the global map.
From manufacturing Amazon's Fire TV stick to Samsung's mobile display panels, global tech giants are eying India as a lucrative option for manufacturing incentives. Companies like GE, Siemens, HTC, Toshiba, and Boeing are eyeing the potential investment opportunities in India attracted by its billion consumers and rising purchasing power.
Reasons for Investing
- The Indian manufacturing sector is estimated to be valued at US$ 1 trillion soon.
- Only 2% of India’s manufacturing capacity has been explored so far, leaving ample scope for development.
- Indian AEC market (Appliances and Consume Electronics Market) is estimated to be valued at US$ 21.18 billion.
- The electric vehicle financing industry is projected to grow by US$ 50 billion
- Production Linked Incentive Scheme (PLI) worth US$ 3.53 billion approved for the auto and drone industries.
- Government approved a PLI scheme worth US$ 2.47 billion for production of advanced chemical cell (ACC) batteries
- The cumulative FDI inflows in the Indian manufacturing sector equates to US$ 100.35 billion.
Industry Growth Factors
- Steady growth in the working population with 8.4 million people employed in the machinery and equipment industry
- Over the next two to three decades, India can realize its full industrial potential by using its demographic dividend and vast workforce.
- Increased focus on the development of the manufacturing sector’s infrastructure and logistics facility
- Implementation of industrial corridors, innovative city plan and PLI schemes for overall national development
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