What is the score of Indian manufacturing in 2024?

India’s manufacturing sector witnessed transformative changes in 2024, positioning itself as a global powerhouse. The Production Linked Incentive (PLI) scheme proved to be a game-changer, injecting ₹2 lakh crore into the economy and generating over 8 lakh jobs across 27 critical sectors. Tata’s historic investment of ₹1.18 trillion in semiconductor manufacturing underlined the country’s commitment to tech-driven growth, while India became the world’s second-largest phone manufacturer in under half a decade.

The defense sector also shone brightly, with the construction of India's first home-grown aircraft carrier, INS Vikrant, a proud milestone for the nation’s armed forces and manufacturing capabilities. On the trade front, exports soared to an impressive $437 billion, showcasing India’s growing competitiveness on the global stage.

However, the journey wasn’t without challenges. High input costs, regional imbalances, and dependence on imports for critical components such as PCBs highlighted areas needing immediate attention. A shortage of skilled labor added to the hurdles, underscoring the importance of education and vocational training for sustainable growth.

2024 was also marked by the intersection of manufacturing and politics, with it being an election year in half the world. Despite the setbacks, the year ended with a balanced outlook, reflecting both achievements and opportunities for improvement.

As India moves into 2025, the lessons from this year will guide future policies, investments, and initiatives. What are your thoughts on the performance of Indian manufacturing in 2024? Let us know in the comments!

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