India Taking Steps To become Global Manufacturing Centre

India is continuing to experience rapid economic growth and is making efforts to establish itself as a leading global manufacturing hub, as reported by the international financial services company Lazard.

In its most recent publication named "Outlook on Developing Markets," the international company acknowledged India's advantageous demographic dividend and predicted that the nation will capitalize on its youthful population to spur growth through 2060.

"With a young and growing labour force — nearly 80 per cent of its population is under the age of 50 -and a rising middle class with real wage growth, India has a demographic dividend tailwind, in our view, and the country is projected to grow quickly until the 2060s," the report stated.

It said, "During his first two terms, Modi's governments have stabilized India's macroeconomy, integrated millions of people into the digital economy, and implemented tax and other reforms."

The report also stated that Prime Minister Modi's commitment to transforming India into a developed nation by 2047 will continue to be a crucial element of his third tenure. Nevertheless, the report pointed out that India continues to encounter substantial difficulties in the education and agriculture industries.

India has been putting in work to boost its manufacturing industry, as evidenced in the Union Budget for 2024-25. Finance Minister Nirmala Sitharaman, while speaking in parliament, stated that the budget focuses on providing special consideration to MSMEs and manufacturing, particularly labor-intensive manufacturing.