India's Manufacturing Share to rise to 25% of GDP by 2047

Commerce and Industry Minister Piyush Goyal stated that the global interest in investing in India is outstanding and that the country's manufacturing sector is expected to grow to 25% of the GDP in the next 20 years as it moves towards becoming a developed nation.

“Everywhere I go, there’s huge investment interest, both in manufacturing and services, and I can clearly see that in this ‘Amrit Kaal’ (period till  2047), as we proceed to make India a developed nation, our manufacturing share will also go up to 25 per cent that we had planned,  providing jobs to crores of people,” Goyal told sources.

Goyal pointed out the resilience of the manufacturing sector in the GDP at 16 percent, despite ten years of Modi's 'Make in India' program, showing significant progress.

“Seeing that our economy grew 90 per cent versus the world economy growth of 35 per cent in 10 years, means manufacturing has also grown 90 per cent and this is despite two years of Covid and two on-going wars. Despite all of that, manufacturing has kept pace with our economic growth. We have entered new sectors like electronics and semiconductors. Today, Apple is a shining example. But apart from that, our overall electronic manufacturing ecosystem is something that makes us proud,” he said.