The Niti Aayog, a governmental think tank, is in the process of pinpointing these sectors, assessing their export potential, and formulating corresponding strategies. To assist these sectors in achieving global prominence in manufacturing, the government plans to modify policies and offer infrastructure support. The emphasis will be on guiding these sectors and furnishing outcome-oriented assistance to enhance production capabilities and meet global demands, as stated by officials.

A comprehensive list of these sectors is anticipated within the next four months. Among the sectors being considered for policy intervention are cement, steel, and select consumer-related industries not covered under the production-linked incentive (PLI) schemes. An unidentified official shared that the objective is to scrutinise around 10-12 manufacturing sectors, align them with global trends, and ascertain their growth potential. The government intends to work on tailored interventions for these sectors to foster their development.

This initiative aims to evaluate India's industrial capacities and address the challenges hindering the country from becoming a global manufacturing hub. Once these sectors are identified, the government plans to provide essential infrastructure, including seamless transportation, power supply, and digital connectivity. Additionally, the government will review existing policies, trade agreements, simplify regulatory frameworks, and adjust tax structures as necessary to bolster manufacturing in these sectors and enhance the ease of doing business in India.

The government seeks to capitalise on India's demographic dividend, skilled workforce, and robust economic growth, making the country an attractive investment destination for manufacturing. The Make in India initiative, launched in 2014, was designed to attract investment, promote innovation, develop top-notch infrastructure, and position India as a hub for manufacturing, design, and innovation. Under Make in India 2.0, the government is presently concentrating on 27 sectors across various ministries and departments. Furthermore, PLI schemes have been introduced for 14 key sectors, backed by an incentive outlay of Rs 1.97 lakh crore, aimed at boosting India's manufacturing capabilities and exports. Other significant initiatives include the Industrial Corridor Development Programme, Ease of Doing Business initiative, National Single Window System, and the PM GatiShakti National Master Plan, all geared towards fostering manufacturing growth, both directly and indirectly.

Source: Indiatimes