Indian business has been engaging the world’s attention on how manufacturing has achieved a new high and made India a renowned manufacturing hub. Companies across the globe would be invited to make investment and set up factories and expand their facilities in India and use India’s highly talented and skilled manpower to create world-class zero-defect products. With the demand for electronic hardware expected to rise rapidly to US$400 billion by 2020, India has the potential to become an electronic manufacturing hub. The government is targeting to achieve net zero imports of electronics by 2020 by creating a level playing field and providing an enabling environment. In the Make in India initiative, the government is allowing 49% foreign direct investment (FDI) in the defence sector and 100% in railways infrastructure to encourage multi-national, as well as national companies to manufacture their products in India and make the Indian economy self-reliant. By doing so, India can sell the products worldwide which is an opportunity to acknowledge. Also skill development is the key factor to make Make in India a success.
With the rapid growth in its economy and its emergence as a global economic power, India’s role in the world’s economy development is immense and by 2025, India’s manufacturing sector is expected to generate over 100 million new domestic jobs and contribute 25% of national GDP, compared to ~15% currently. Especially the IT sector continues to be a silver lining and generate direct employment to 2.75 million people. This is so because the fundamentals of the Indian economy are still strong and at the same time its domestic consumption continues to grow.
Today, India is one of the IT capitals of the modern world and all the major players in the world IT sector are present in the country, thanks to the growth and opportunities the country provides to them. These companies have brought forth innovative ideas to the country. On the domestic front, the Department of Electronics and Information Technology (DeitY), from time to time, initiates steps which are contributing to the growth of the domestic IT industry. Advantage also comes with 1.2 bn people, and for India having the world’s highest youth population (India has 572 mn people under the age of 24). Labour is a vital factor of production for India and is an opportunity for the IT companies to collaborate and share the latest developments in their arena, thus making themselves visible to the people around the globe.
The success of the flagship initiatives of the government – Digital India, Make in India, Start-up-India, Stand-up-India and Skill India offer tremendous opportunities for the innovation-driven technology industries. The stake of the technology companies is getting bigger and bigger by making rapid strides to reach new heights by venturing into uncharted territories with cutting-edge technology and processes, and providing a whole host of upmarket services for their clients and customers spread all over the world.
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