The manufacturing sector plays a significant role in the Indian economy. India’s manufacturing sector is expected to grow at a steady pace in the coming months. The key players will be textiles, metals and products, machinery, cement. India is fast emerging as a global manufacturing hub. Be it any sector whether luxury items or consumer durables, pharma or engineering products, all are being manufactured in India. Trove Consulting’s team of professionals is highly experienced in fulfilling all the requirements of the client.
Manufacturing Industry in India has gone through various phases of development over the period of time. Since independence in 1947, the Indian manufacturing sector has traveled from the initial phase of building the industrial foundation in 1950’s and early 1960’s, to the license-permit Raj in the period of 1965-1980, to a phase of liberalization of 1990’s, emerging into the current phase of global competitiveness. It has grown at a robust rate over the past ten years and has been one of the best performing manufacturing economy. Manufacturing sector contributes about 15% of India’s GDP and 50% to the country’s exports. The Manufacturing sector employed 58 million people (about 12% of the workforce) in 2008. By 2012, it is estimated, based on current economic projections, that this sector will employ a further 12-13 million out of nearly 89 million additional people who will enter the workforce. Studies have estimated that every job created in manufacturing has a multiplier effect, creating 2-3 jobs in the services sector. In a country like India, where employment generation is one of the key policy issues, this makes this sector a critical sector to achieve inclusiveness in growth.