In the period from 2004 to 2014, the manufacturing output registered constant growth, with the sector’s output growing from $112.24 billion to $307.21 billion by the end of 2014, according to Macrotrends data. During this time, the manufacturing sector’s share of GDP was rather constant, oscillating between 15.06% and 17.30%. Policy reforms, among other infrastructure and skills development investments, were instrumental in the growth of the sector.
On the other hand, during the period from 2014 to the present, manufacturing output increased sharply and by the end of 2022 amounted to $456.06 billion. However, the share of output attributed to manufacturing in terms of GDP showed a decreasing pattern, falling from 15.06% in 2014 to 13.35% by 2022. Programmes like ‘Make in India’ which was targeted at strengthening local manufacturing and luring foreign investment played a part in the growth witnessed during this period.
Both periods were characterized by good development of the manufacturing sector in India, although each had advantages and disadvantages. The period of 2004-2014 showed continuous growth and an almost constant GDP contribution. On the other hand, from 2014 up to now, a more pronounced increase in manufacturing output was recorded, which shows a better performance in the aspect of pure manufacturing growth. Nonetheless, the solution to problems like the declining share of manufacturing in GDP will be very important in the long-term development of the sector.
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