As the new year 2025 begins, it’s time to think about the future of the country’s economic growth. This is possible provided that past financial data are evaluated.

Consider official records of the manufacturing sector. From electronics, where India emerged as the world's third-largest smartphone exporter, to exceptional production in coal and steel, the country is expected to make its presence felt on the global stage in 2025.

 But past milestones are not the result of a single year’s effort. They represent the culmination of years of consistent work, strategic investments, and government initiatives. 

Throughout the last decade, the country steadily positioned itself as a global manufacturing hub. From producing record volumes of crude steel to meeting rising domestic and global demands, to pioneering advancements in electric vehicles and consumer electronics. Sectors once considered niche, like toys, are experiencing unprecedented expansion with exports increasing by a whopping 239% and imports declining by 52%. 

India's pharmaceutical industry now boasts 748 USFDA-approved sites, a testament to its world-class manufacturing capabilities. The surge in production of solar panels and wind turbines reflects India’s growing commitment to renewable energy. 

This multi-sectoral growth, supported by government initiatives and private innovation, underscores a collective stride toward economic resilience and global competitiveness. 

India's manufacturing sector has witnessed remarkable growth in 2024, underscoring its transformation into a global powerhouse. 2024 also marked 10 years of Make in India under which remarkable strides have been made to turn India into a manufacturing giant. 

The imprint of ‘Make in India’ has become visible across sectors, including areas where Indians never even thought of making an impact. Over the last decade, India's manufacturing sector has undergone a significant transformation, largely propelled by the "Make in India" initiative. 

Key developments include the introduction of Production Linked Incentive (PLI) schemes across 14 sectors, attracting investments of over Rs 1.28 lakh crores and generating more than 8.5 lakh jobs. 

These initiatives have spurred growth in electronics, steel, pharmaceuticals, and defense manufacturing, with notable achievements like a 239% increase in toy exports and a 600% rise in mobile phone production. India has become a net exporter of steel, with production doubling, and has significantly reduced import dependency in pharmaceuticals and telecom equipment. Defense exports have soared, reaching over 85 countries, while the country has also made strides in semiconductor manufacturing and renewable energy, enhancing its global manufacturing stature by 2024. 

FY2023-24 saw an economic growth of 8.2% which was bolstered by an industrial growth rate of 9.5%, with the manufacturing and construction sectors nearing double-digit expansion. This growth reflects the culmination of sustained efforts and strategic interventions over the past decade which saw the 10th year anniversary of the Make in India campaign. 

Policy and Infrastructure Initiatives in 2024 A host of initiatives have further streamlined India's manufacturing ecosystem in 2024: - The Jan Vishwas 2.0 Bill being worked upon will further simplify compliance and enhanced ease of doing business. - Development of plug-and-play industrial parks near 100 cities attracted investments. - Launch of the Critical Mineral Mission secured access to essential resources, including domestic production and recycling.

Additionally, the introduction of new bio-manufacturing and bio-foundry schemes promises to make India a leader in biomanufacturing. Strengthening Core Industries India achieved its highest-ever steel production and consumption levels in FY24, becoming a net exporter of finished steel, with production increasing by 50% since 2014. 

The coal sector, critical to energy security, produced 997.2 million tonnes in FY24, reducing import dependence with a 60% growth over the past decade. The pharmaceutical industry, valued at $50 billion, remains the world's third-largest by volume. Investments worth ₹30,000 crore under PLI schemes have catalyzed growth in biosimilars, vaccines, and generic drugs, cementing India's global leadership in affordable healthcare solutions. 

Advancing MSME Contributions Micro, Small, and Medium Enterprises (MSMEs) remain the backbone of India's manufacturing sector, contributing 35% of the total output and 45% of exports. As of 2024, 4.7 crore MSMEs are registered on the Udyam Portal, benefiting from credit schemes that provided 92 lakh guarantees worth ₹6.78 lakh crore. 

The Prime Minister's Employment Generation Programme also supported over 89,000 micro-units, creating employment for 7.13 lakh people in FY24. PLI: The Game Changer India’s Production Linked Incentive (PLI) schemes have played a transformative role in accelerating the country’s manufacturing sector, making it a global hub for industrial production. 

The Production Linked Incentive (PLI) schemes have enabled investments of over ₹1.28 lakh crore, generating 8.5 lakh jobs, and boosting exports by ₹4 lakh crore. This has led to production and sales worth ₹10.8 lakh crore, demonstrating the significant impact of the policy. The electronics manufacturing sector, in particular, witnessed exponential growth, with domestic production increasing by 400% from ₹1.9 lakh crore in 2014 to ₹8.22 lakh crore in FY23. 

This includes the mobile phone segment, where the direct workforce has more than tripled between FY17 and FY22, significantly benefitting female blue-collar workers. The pharmaceutical sector has also greatly benefited, with ₹30,000 crore in investments under the scheme. 

This has strengthened India’s capabilities in the production of APIs, vaccines, biosimilars, and biologics, consolidating its position as the world’s third-largest pharmaceutical market by volume. Similarly, PLI support for white goods like air conditioners and LED lights has reduced import dependency, enhanced domestic production, and created jobs. 

The steel sector has seen a remarkable transformation, with production increasing by 70% since 2014, making India a net exporter of finished steel. The success of the PLI schemes has also extended to newer areas, with 2024 witnessing the introduction of incentives for biomanufacturing and the launch of the Critical Mineral Mission, aimed at securing resources essential for manufacturing sectors like EVs and semiconductors. 

By fostering large-scale investments, creating employment opportunities, and boosting exports, the PLI schemes have positioned India as a critical player in global value chains. 

These initiatives underline India’s commitment to building a robust manufacturing ecosystem and achieving sustained economic growth. The electronics manufacturing cluster scheme attracted ₹40,000 crore in investments, generating 5 lakh jobs, while solar capacity increased 25-fold since 2014, demonstrating India's clean energy commitments.

Over the past decade, textiles and apparel exports have grown by 20%, reaching ₹2.97 lakh crore, making India a top-five global exporter in the sector. Semiconductor Manufacturing: A Game-Changer India's semiconductor industry reached a historic turning point in 2024. 

The country is set to achieve an annual capacity of 2,500 crore chips, producing semiconductors for applications ranging from automotive and electric vehicles to consumer electronics and telecom. The establishment of India's first semiconductor fabrication plant, with an investment of $100 billion, will facilitate the production of 50,000 wafer starts per month, serving sectors like defense, EVs, and high-performance computing. 

Indian companies have also started producing silicon carbide devices to address the global surge in demand for advanced chips. In parallel, research in semiconductor manufacturing has scaled new heights with initiatives like the National Research Foundation, which allocated ₹1 lakh crore to foster private-sector-driven innovation. Additionally, the upcoming Bharat Semiconductor Research Center and partnerships between Semiconductor GCCs and IITs are upskilling engineers and advancing next-generation chip development. 

With strategic policies, robust infrastructure, and substantial investments, India’s manufacturing sector is on track to achieve growth, setting new benchmarks for innovation and global competitiveness in 2025!