With the ongoing tensions between India and China, India has put a ban on Chinese app and even started boycotting the Chinese products. All industries were negatively impacted and the whole economy came to a standstill. Not only this, but it has also given a boost to the Indian manufacturers. Work from home was initiated in most of the industries; the manufacturing industry is an exception to this since this practice could not be implemented there. Thus, the manufacturing of almost all products stopped that was happening in China, everything is being prepared within the nation. As per the estimates given by the United Nations Conference on Trade and Development (UNCTAD), the FDI has decreased by 5-15 percent because of the downfall in the manufacturing sector combined with shutting down of factories.
Now, the lockdown has been removed and the manufacturing industry is operating in full swing. Many countries have started boycotting Chinese goods and this has brought India into the limelight. Due to abundant manpower and low cost of operation, India is an ideal place for various companies to set up their manufacturing units. India has the ability as well as the opportunity to emerge as a manufacturing superpower.
The manufacturing industry is playing a pivotal role in keeping the Indian economy afloat in the current scenario. In fact, it is contributing to its growth and development. Moreover, Make in India is an initiative that was launched in 2015 to encourage the production of goods in India so that India can emerge as a manufacturing hub and have global recognition. This aims to reduce India's dependency on other nations for various products by producing goods in India itself. Self-sufficiency and self-reliance is the ultimate goal of Make in India. The manufacturing sector in India has the potential to elevate much of the Indian population above poverty by shifting the majority of the workforce out of low-wage agriculture. The government aims to create 100 million new jobs in the sector by 2022.
India’s goal of reaching Rs 5 trillion GDP seemed like a distant dream but the ongoing situation of the ban on Chinese goods has provided opportunities to India to fulfil this dream and be stronger than before. The manufacturing sector of India itself has the potential to contribute highly in achieving the Rs 5 trillion goals and reach US$ 1 trillion by 2025.
With recent initiatives of Aatmnirbhar and Vocal for Local, the nation is growing at a faster pace than it was expected. These initiatives boost the morale of the local vendors and promoting goods that are made in India. The nation has seen a decrease in the import of goods specially gadgets and has seen an increase in the export of electronic gadgets and spare parts of the same.
It is clearly evident that since the lockdown has opened, the manufacturing industry has had a positive impact on the Indian economy. Moreover, it has become one of the drivers of the economy. It is growing day by day and attracting numerous foreign companies as well. It is on the pathway of success and it is expected to provide global accreditation to India in the future. With the right amount of effort and investments in the manufacturing industry, India can become the epitome of manufacturing on the map of the world.
.jpg "Overcoming the Hurdles of Scaling a Startup")
