India on way to become global manufacturing hub
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India is on track to become a global manufacturing centre, driven by its rapid economic growth and strategic initiatives, according to a report by the global financial services firm Lazard.
The report, “Outlook on Emerging Markets,” highlights India’s strong demographic advantage, projecting significant growth until 2060 due to its young and expanding labour force.
With nearly 80 per cent of its population under the age of 50 and a rising middle class experiencing real wage growth, India is poised to benefit from a substantial demographic dividend.
The report credits the first two terms of PM Modi’s government with succeeding in “stabilising India’s macroeconomy, integrating millions into the digital economy, and implementing tax and other reforms.”
It also pointed out that PM Modi’s plan to transform India into a developed country by 2047 is set to remain a central goal during his third term as well. However, the report also notes that there are some challenges in the education and agriculture sectors.
India is widely seen to be on track to become the world's third-largest economy with GDP crossing US$ 5 trillion and the goal is now to reach a US$ 30 trillion economy by 2047.
The Prime Minister also chaired a NITI Aayog meeting on Saturday which had Viksit Bharat@2047 as its central theme. He emphasized that the country needs to take advantage of the opportunities that are emerging due to the technological and geopolitical changes taking place in the world.
The Governing Council meeting discussed the Approach Paper for the Vision Document on Viksit Bharat @2047. The meeting also discussed the roadmap for enhancing the quality of life for both rural and urban populations by strengthening the delivery mechanisms of government interventions.
Besides, the Prime Minister stated that the Union Budget 2024-25 “ would be a catalyst for making India the third largest economy in the world and for laying the strong foundation for the Viksit Bharat goal.”
The Budget has given a booster shot to the manufacturing sector, especially the Micro Small and Medium Enterprises (MSMEs).
