India Looks to Increase Manufacturing Sector to 25% GDP
India has been one of the fastest growing economies for some time now, offering companies the opportunity to expand their business with promising futures ahead. Yet, India's manufacturing sector remains very low compared to other countries.
At 15% GDP, India is looking to increase it's manufacturing sector. The national manufacturing policy (NMP) intends to increase contributions to 25% GDP. This result will be an uphill battle since the sector is currently undergoing a slowdown.
In recent months, purchasing manager's index for the manufacturing sector in India has shown a parallel slowdown. India anticipates this to be a short-term situation, and believes domestic companies will need to put more focus on manufacturing excellence to ensure long-term sustainable growth. This can be done through the adoption of next-generation automation and enterprise technologies.
During a recent ARC Advisory Group forum regarding the state of India’s manufacturing sector, industry leaders discussed state-of-the-art advanced automation and IT technologies, with focus on global trends.