Growth rate of manufacturing industry India FY 2013-2021
The manufacturing industry in India has emerged as a fast-growing sector owing to the rapidly increasing population in the country. Investments in the sector have been on the rise and initiatives like ‘Make in India’ are aiming to turn the south Asian country into a global manufacturing hub. The annual growth rate of production in the manufacturing industry was about negative ten percent during fiscal year 2021.
Investments and outputs
With the prospect of a huge consumer market, global giants such as Siemens, HTC, Toshiba have already set-up or are in the process of setting up manufacturing plants across the region. In the final quarter of 2017, the industry had a private equity investment of 45 million U.S. dollars. The gross value added by the sector in India has grown steadily over the last seven years. The micro, small and medium enterprises sector is one of the key factors for transforming India from an agriculture-based economy to an industrialized one. The manufacturing output of the MSMEs across the nation was around 28 trillion Indian rupees in financial year 2015.
The future
With technology reaching what previously were unimaginable heights in the last decade, industries need to keep up with the current trends and the technology. The focus is shifting towards machine learning to improve the efficiency and precision of the work. Almost 50 percent of the decision-makers in the machine learning industry believed that machine learning solutions have a high impact on organizations. ‘Smart manufacturing’, a combination of internet of things and artificial intelligence are expected to see a growth in the coming decade.
Investments and outputs
With the prospect of a huge consumer market, global giants such as Siemens, HTC, Toshiba have already set-up or are in the process of setting up manufacturing plants across the region. In the final quarter of 2017, the industry had a private equity investment of 45 million U.S. dollars. The gross value added by the sector in India has grown steadily over the last seven years. The micro, small and medium enterprises sector is one of the key factors for transforming India from an agriculture-based economy to an industrialized one. The manufacturing output of the MSMEs across the nation was around 28 trillion Indian rupees in financial year 2015.
The future
With technology reaching what previously were unimaginable heights in the last decade, industries need to keep up with the current trends and the technology. The focus is shifting towards machine learning to improve the efficiency and precision of the work. Almost 50 percent of the decision-makers in the machine learning industry believed that machine learning solutions have a high impact on organizations. ‘Smart manufacturing’, a combination of internet of things and artificial intelligence are expected to see a growth in the coming decade.
