The country embarked on its journey under various schemes launched by Prime Minister Narendra Modi and his government in the last 10 years. It experienced tremendous growth, new semiconductor plants, AI, 5G, startups, innovation and PLI schemes for various sectors, while upskilling the workforce and creating thousands of new jobs.
Boosted by the PLI scheme, the country's manufacturing sector is projected to triple, reaching a market size of $1.66 trillion from the current $459 billion (FY24).
This growth exceeds the average increase of $175 billion experienced over the last decade. According to the latest report by DSP Mutual Fund, the manufacturing sector's contribution to GDP is projected to rise from 14 per cent in FY24 to 21 per cent in FY34, driven by lower logistics costs and better infrastructure. Additionally, infrastructure investments are projected to increase from 33 percent of GDP in FY24 to 36 percent by FY2029.
More than 12 lakh new jobs have been created in electronics manufacturing alone, which has crossed $100 billion. India's electronics manufacturing is expected to reach $250 billion in the next five years.
PLI schemes for 14 sectors are expected to generate investments worth Rs 3 lakh crore - Rs 4 lakh crore in the coming years.
Addressing Parliament on Thursday, President Droupadi Murmu said the pace of reforms will further accelerate in tune with the aspirations of the people of India for rapid development. In the last 10 years, India has risen from 11th place to become the fifth largest economy, he said.
From 2021 to 2024, India has grown at an average rate of 8 percent annually. Today, India alone contributes 15 per cent of global growth, the President said. The last five years focused on key government reforms and policy changes, and the next five years will focus on execution to make India a global power.
Boosted by the PLI scheme, the country's manufacturing sector is projected to triple, reaching a market size of $1.66 trillion from the current $459 billion (FY24).
This growth exceeds the average increase of $175 billion experienced over the last decade. According to the latest report by DSP Mutual Fund, the manufacturing sector's contribution to GDP is projected to rise from 14 per cent in FY24 to 21 per cent in FY34, driven by lower logistics costs and better infrastructure. Additionally, infrastructure investments are projected to increase from 33 percent of GDP in FY24 to 36 percent by FY2029.
More than 12 lakh new jobs have been created in electronics manufacturing alone, which has crossed $100 billion. India's electronics manufacturing is expected to reach $250 billion in the next five years.
PLI schemes for 14 sectors are expected to generate investments worth Rs 3 lakh crore - Rs 4 lakh crore in the coming years.
Addressing Parliament on Thursday, President Droupadi Murmu said the pace of reforms will further accelerate in tune with the aspirations of the people of India for rapid development. In the last 10 years, India has risen from 11th place to become the fifth largest economy, he said.
From 2021 to 2024, India has grown at an average rate of 8 percent annually. Today, India alone contributes 15 per cent of global growth, the President said. The last five years focused on key government reforms and policy changes, and the next five years will focus on execution to make India a global power.
