India has significant technological growth potential in the manufacturing industry due to its burgeoning pool of skilled engineers, a large and diverse domestic market, and favourable government policies promoting innovation and investment.
Manufacturers in India are investing 35% of their operating budgets towards technology. Regarding market share, India accounts for around 3% of the global manufacturing output. However, the country is rapidly making strides in this sector and is expected to capture a larger share of the global market in the coming years which ranges approximately 5-8% by 2030.
Some of the key factors driving the growth of the manufacturing sector in India include a large and growing domestic market of $3.736 trillion.