On the 10th anniversary of the ‘Make in India’ initiative, Union Minister of Commerce and Industry Piyush Goyal emphasized the central role manufacturing will play in India’s future economic growth. Speaking on Wednesday, Goyal projected that by 2047, the manufacturing sector will contribute 25% to India’s economy.
“As we enter Amrit Kaal, India’s manufacturing base will steadily expand to meet both domestic and global demands. By 2047, manufacturing will account for a quarter of the economy. We also expect the rise of more industrial townships equipped with modern plug-and-play infrastructure,” Goyal stated in an interview with ANI.
He highlighted India’s transformation into a global manufacturing hub, crediting the collaborative efforts between public and private sectors, both within the country and internationally. “The world now views India as a key destination for manufacturing,” Goyal added.
Reflecting on the economic progress of the past decade, Goyal drew comparisons to the earlier period under previous administrations, referring to the time between 2004 to 2014 as a “lost decade.”
“From 2004 to 2014, India experienced economic stagnation. Investor confidence was eroded, corruption was rampant, and getting environmental clearances was nearly impossible during the Congress administration. The economy faltered, foreign exchange reserves and growth plummeted, the rupee depreciated, and inflation soared. Domestic investments stalled, and the overall outlook was bleak. But in 2014, PM Modi took charge, transforming the last decade into one where macro-economic fundamentals were strengthened. Initiatives like Startup India, One District One Product, and the creation of 20 new industrial smart cities were launched, compliance burdens were reduced, and ease of doing business rankings improved,” he explained.
Goyal also pointed to the surge in job creation driven by the manufacturing sector, citing the success of Apple’s iPhone 16, which is now made in India. “The iPhone 16 is being manufactured by women working at a factory in Chennai, Tamil Nadu. Similarly, India, once a country that imported air conditioners, has now emerged as a global manufacturer and exporter of air conditioning equipment, with 50% of components produced domestically. With four new compressor plants coming online, India will soon be a major exporter of air conditioners.”
He further noted that as the manufacturing sector grows, it fosters job creation in multiple areas, including factory construction, housing, infrastructure development, and logistics. “Manufacturing not only creates jobs but builds an ecosystem that fosters entrepreneurship and provides employment for young men and women. Let the critics continue, but the reality is clear: manufacturing is driving India’s economic success,” Goyal concluded.