India's industry sector to open $3 trillion opportunity by 2035, manufacturing to lead, ET Manufacturing
Advt
Advt
New Delhi: India's industry sector is expected to outpace agriculture to take a larger share in the GDP (30-32 per cent) by 2035 and opening a $3 trillion opportunity, driven majorly by manufacturing , a report showed on Tuesday.Manufacturing is expected to emerge as the growth leader taking two-third share of industrials and more than 20 per cent share of the GDP by 2035.Higher domestic consumption with increasing per capita income and a target of $1 trillion merchandise exports are expected to drive this growth, according to the report by Omniscience Capital.The manufacturing sector is pivotal to India's economic growth, significantly contributing to the nation's GDP. Currently, it stands as one of India's key growth sectors, catering to both domestic and international markets.Government initiatives such as the Production-Linked Incentive (PLI) scheme, 'Make in India' campaign, liberalised Foreign Direct Investment (FDI) policy, public-private partnership (PPP) models for various public undertakings, and infrastructure development are fuelling this growth.To achieve India's ambitious $1 trillion merchandise export target by 2030, the merchandise exports should increase from the current $450 billion to $1 trillion, requiring a year-on-year growth rate of 12 per cent, the report mentioned.India's share in global merchandise exports has doubled from 0.9 per cent share in 2005 to 1.8 per cent in 2023. India's merchandise exports have grown at a 3-year CAGR of 18.8 per cent from FY21 to FY24 and a 5-year CAGR of 9.4 per cent from FY19 to FY24."India is poised to continue emerging as a preferred destination for manufacturing investments due to the availability of raw materials, low labour costs, a favourable corporate tax rate for manufacturing, and proactive government support through incentives," said Ashwini Shami, EVP and Portfolio Manager at OmniScience Capital.The government is developing 11 industrial corridor projects under the National Industrial Corridor Development Programme (NICDP) across the country in four phases.As of July 31, 2023, the DPIIT has sanctioned and released Rs 9,900 crore for the industrial corridor project, with Rs 9,817 crore already utilised. This is expected to create 1 million direct jobs and up to 3 million indirect jobs, contributing to socio-economic upliftment.--IANSna/
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
24 minutes ago
- Economic Times
Sebi to launch UPI IDs for Sebi-registered entities that collect funds
Synopsis The new ecosystem will enable a secure and transparent payment system for investors to transact with registered intermediaries. Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Time of India
32 minutes ago
- Time of India
PM Modi-led Cabinet approves two big Indian Railways projects: Koderma–Barkakana, Ballari–Chikjajur doubling gets nod; check details
The railway expansion projects span across seven districts in Jharkhand, Karnataka and Andhra Pradesh. (AI image) Prime Minister Shri Narendra Modi-led Cabinet Committee on Economic Affairs (CCEA) has given its approval for two Indian Railways projects, with a combined expenditure of Rs. 6,405 crore. The first project involves doubling the Koderma-Barkakana track (133 kms), which runs through Jharkhand's primary coal-producing region. This route also provides the most direct and efficient railway connection between Patna and Ranchi. The second project is the doubling of the Ballari-Chikjajur line (185 kms), extending across Karnataka's Ballari and Chitradurga districts, and Andhra Pradesh's Anantapur district. The railway expansion projects span across seven districts in Jharkhand, Karnataka and Andhra Pradesh, adding approximately 318 kilometres to the existing Indian Railways network. The multi-tracking initiatives will benefit roughly 1,408 villages, serving a population of about 28.19 lakh residents. These routes are crucial for transporting various commodities including coal, iron ore, finished steel, cement, fertilisers, agricultural products, and petroleum items. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo The enhanced capacity will accommodate additional freight traffic of 49 MTPA (Million Tonnes Per Annum). As railways provide an environmentally sustainable and energy-efficient transport solution, these developments will support climate objectives and reduce national logistics expenses. The project will decrease oil consumption (52 Crore Litres) and CO2 emissions (264 Crore Kg), equivalent to planting 11 Crore trees. These infrastructure enhancements will boost the Indian Railways' operational capacity, leading to better efficiency and reliability in service delivery, according to CCEA press release. The multi-tracking initiatives aim to optimize railway operations and reduce traffic congestion. The initiatives stem from the PM-Gati Shakti National Master Plan, which focuses on multi-modal connectivity. Through coordinated planning, these initiatives aim to establish uninterrupted connectivity for the movement of people, goods and services. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
35 minutes ago
- Time of India
IIT Madras BS degree convocation marks milestone in democratizing tech education
MUMBAI: On a day marked by quiet revolutions and roaring applause, the Indian Institute of Technology Madras held its Convocation and Certificate Distribution Ceremony for the BS Degree programmes on 8 June 2025—a moment that didn't just honour graduates but redefined who gets to be called one. In an auditorium humming with possibility, 867 students from across India and abroad received their scrolls—some holding three-year BSc degrees, others the first-ever batch to earn the four-year BS degrees in Data Science and Applications or in Electronic Systems. Among them were students from remote villages, urban sprawls, and even foreign cities. Some were just 18, others over 80. 'This is not just a graduation. It's a declaration,' said Prof. V. Kamakoti, Director, IIT Madras. 'That knowledge belongs to all. That no income bracket or geography or prior degree should keep someone from accessing world-class education.' Of the graduating cohort, nearly 150 come from families earning less than Rs 1 lakh annually. Another 100 come from households earning less than Rs 5 lakh. These degrees were not easy. Delivered online but assessed rigorously in person at exam centres across India and abroad, they are as academically demanding as any other degree from IIT Madras. They come with projects, labs, capstones—and grit. More than half the students (52%) are juggling this programme alongside another undergraduate degree. While 72% come from engineering or technical fields, a significant 22% come from arts, commerce, or sciences—each drawn by the programme's promise to rewire careers and reimagine futures. Among those honoured was Dr. Sadineni Nikhil Chowdary, an MBBS doctor from AIIMS Delhi, who not only graduated with a CGPA of 9.82 but also topped the GATE Data Science and AI exam. He now plans to pursue MTech at IIT Madras, showing that medicine and machine learning are not parallel tracks but converging ones. 'Three of the top 10 ranks in GATE DA were secured by our BS students,' noted Prof. Kamakoti. 'That speaks volumes of the academic depth this programme fosters.' The day also underscored a larger vision. With over 38,000 active learners and growing, this hybrid BS programme is IIT Madras' blueprint for Sustainable Development Goal 4: universal access to quality education. Whether it's a diploma, a BSc, or a full BS degree, students have flexible exits—and for some, even free rides, thanks to CSR support. 'We're not just building coders or data scientists,' said Prof. Andrew Thangaraj, Coordinator of the BS Program. 'We're shaping informed problem-solvers who understand both complexity and context—who can write code, but also ask the right questions.' Chief Guest Mr. Aravind Krishnan, Managing Director and Head, Southeast Asia Private Equity, Blackstone, described the programme as 'a global model for accessible, future-ready education,' adding that 'the ability to extract insights from complexity is now among the most valuable skills of our time.' Today, more than 4,800 students are studying tuition-free thanks to philanthropic support. Over 10,000 students from extremely low-income families receive up to 75% scholarship. Some have already secured admission into institutions like IISc, IITB, IITD, ISB, University of Michigan, and Texas A&M. What started as a bold experiment is now a quiet revolution. In a world obsessed with exclusivity, IIT Madras is building a new kind of legacy—one where excellence is not rarefied, but reachable.
