India’s manufacturing market has grown rapidly in the previous years making it to the PMI at 57.8 in December 2022, closing the year with high values. But the tables have turned as this year in January 2023, it has marked the PMI at 55.4, which rests it at 3 months low. For 19 straight months it has been expanding as per the data by the S&P Global India Manufacturing.
But this hasn’t changed employment much and has been witnessed unchanged. Output and new orders both has been grew at softer paces, with foreign sales increasing the least in ten months, while input buying also eased despite the level of growth remaining strong.
Around February 2021, output growth has hit a 13-month high, and buying levels grew at the strongest pace since May 2020. And employment has gained for the tenth month in a row, while an accumulation in outstanding business slowed, during the course foreign sales has improved, but the pace of increase has the softest in 5 months.
It has been predicted that India will see an investment boom that is likely to spark a sharp increase in factory output, bank lending, and consumer purchases as per a survey by the Indian Central Bank.
“There are other economies as well that offer opportunities, but India has the potential to emerge as a responsible industrial country and position itself as a competitive alternative. It is important to understand that China-plus one does not mean China-plus India,” recently said by the Executive Director and Head of Operations at Mercedes-Benz India, Vyankatesh Kulkarni.
India’s physical and digital infrastructure has made a realistic bid to be an important player in global supply chains with production-linked incentive (PLI) schemes as the platform to plug into global manufacturing, the Economic Survey said, as global commodity supply disruptions are expected to intensify over the year due to the Russia-Ukraine war, the West’s price caps on Russian oil and the re-emergence of Covid-19 in China.
Even the recent budget of India focuses on the Make in India (MII) theme, leading to an increase in the manufacturing sector's contribution and creating additional manufacturing job opportunities in the economy. This decade India’s most significant potential is to drive economic growth and job creation in a globally competitive market. And secondly can take advantage of four market opportunities: expanding exports, localising imports, internal demand, and contract manufacturing.
The manufacturing sector in India is gradually shifting to more automated and process-driven manufacturing which is expected to increase the efficiency and boost production of the manufacturing industry. India is currently progressing towards the road of Industry 4.0 through the Government of India’s initiatives like the National Manufacturing Policy which aims to increase the share of manufacturing in GDP to 25 percent by 2025 and the PLI scheme for manufacturing which was launched in 2022 to develop the core manufacturing sector at par with global manufacturing standards.
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