India’s Industry Sector to Grow Strongly by 2035. 🚀
India’s industry sector is set to become a powerhouse, contributing over 30 to 32 percent to the GDP by 2035. This change will see the manufacturing sector leading the charge, creating opportunities worth $3 trillion. 💰
Manufacturing Sector’s Role in Economic Growth 📈
The manufacturing sector is vital for India’s economic growth. Currently, it plays a significant role in meeting the needs of both local and international markets. By 2035, it is expected to account for more than 20 percent of the GDP, taking over two-thirds of the industrial sector. This growth will be supported by rising per capita income and increased domestic consumption.
Government Initiatives Supporting Growth 🏗️
The government’s initiatives, such as the Production-Linked Incentive (PLI) scheme and the ‘Make in India’ campaign, are crucial in promoting this growth. With a liberal foreign direct investment (FDI) policy and public-private partnerships, the manufacturing sector is set to thrive.
Ambitious Export Goals for India 🌍
India aims to boost its exports from the current $450 billion to a whopping $1 trillion by 2030. This ambitious goal will require a consistent growth rate of 12 percent each year. As a result, India’s share of global trade exports has already increased from 0.9 percent to 1.8 percent by 2023.
Creating Jobs and Opportunities 👷♂️
The development of 11 industrial corridor projects is underway, with significant funds allocated to create direct employment for 1 million people and indirect jobs for 3 million. With active government support and incentives, India is becoming a top destination for manufacturing investments.
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