How India’s G20 Presidency Can Galvanise The Manufacturing Sector - News18
1 year, 3 months ago

How India’s G20 Presidency Can Galvanise The Manufacturing Sector - News18

News 18  

India’s G20 Presidency presents an opportunity to strengthen the country’s collaboration and economy. With Indo-US deals taking centre stage and other global corporations following suit, India’s manufacturing sector has the potential to reach $1 trillion by 2030, making it the fourth-largest in the world. To achieve India’s national target of increasing manufacturing contribution to 25 per cent of GDP by 2025, the sector must export goods worth $1 trillion by 2030, which will help India become the third-largest economy. Unfortunately, India’s manufacturing sector has struggled to increase its share of global export of merchandise to 2 per cent. With a government target of $500 billion in merchandise exports for FY 2023-24, the manufacturing sector must focus on the untapped export potential in existing tariff lines and support manufacturers to fulfill the dream of India becoming the world’s third-largest economy with ‘Make in India’ global reach.

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