Growth rate of manufacturing industry India FY 2013-2023
Foreign and domestic enterprises
The gross value added by the manufacturing sector in India has grown steadily however it is still lower than services sector. 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. Apple has also been setting up nascent operations in India to diversify from China-centered production. On the other hand, the micro, small and medium enterprises sector is also crucial to transforming India from an agriculture-based economy to an industrialized one. MSME's contribution to Indian GDP has remained stable over the last few years.
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.