
Lights and Shadows of Make in India
With $2.3 trillion in GDP, India is the world’s ninth-largest economy and the third largest by purchasing power parity at $8 trillion. Yet manufacturing accounts for only 16% of the country’s GDP, compared with the services sector, which is nearly 52%. India represents 2% of the world’s manufacturing output, a tenth of what China produces. In the last 7 years (2102-2017), manufacturing grew at a CAGR of 7.32 per cent, + 7.7 per cent in 2017 alone. Automotive, Drugs & Pharmaceuticals, Chemicals, Food Processing and Electrical Equipment are the most relevant sectors in the country. Despite ...