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Lazard report suggests India is on track on becoming a global manufacturing hub
Industry News- Jul 31,24
Finance Minister Nirmala Sitharaman emphasised support for MSMEs and labour-intensive manufacturing, including the extension of the Mudra loan limit from Rs 1 million to Rs 2 million.
India is on a fast track to becoming a global manufacturing hub, according to a recent report by Lazard, a global financial services firm. The report highlights India's rapid economic growth and its robust demographic dividend, characterised by a growing labor force and an expanding middle class. It also underscores Prime Minister Modi's commitment to transforming India into a developed country by 2047.
The Lazard report, titled 'Outlook on Emerging Markets', recognises India's strong demographic advantage, predicting sustained economic growth until 2060. With nearly 80 percent of its population under the age of 50, India's youthful workforce and increasing real wage growth position the country for long-term prosperity.
Under PM Modi's leadership, India has stabilised its macroeconomy, integrated millions into the digital economy, and implemented significant tax and other reforms during his first two terms. Modi's vision of India as a developed nation by 2047 remains a central focus of his third term.
However, the report also notes challenges in the education and agriculture sectors that India must address to realise its full potential. Efforts to strengthen the manufacturing sector were prominently featured in the Union Budget 2024-25. Finance Minister Nirmala Sitharaman emphasised support for MSMEs and labour-intensive manufacturing, including the extension of the Mudra loan limit from Rs 1 million to Rs 2 million.
The budget also provides for the establishment of 50 multi-product food irradiation units in the MSME sector and a range of services to support employment and skill development. These initiatives reflect India's strategic push to solidify its position as a key player in the global manufacturing landscape.
(Source: ET)
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