New Delhi, May 19 || India has made notable progress in enhancing its competitiveness and making its manufacturing sector more attractive to global investors, an S&P Global report said on Monday.
While manufacturing value added accounts for a modest 17.2 per cent of the country’s real gross domestic product (GDP), the government has implemented targeted policy interventions to build domestic manufacturing capacity and strengthen India’s role in global supply chains.
Beyond the near-term impact, therefore, India can benefit from the increasing trade protectionism, which may catalyse supply-chain diversification, according to the report.
India is poised to maximise opportunities as the global trade and cooperation environment evolves. The country has grown visibly in size, scale and international impact over the past three decades and is on track to become the world’s third-largest economy by fiscal 2030-31.
As economies adapt to evolving trade dynamics and tariff challenges, India can capitalise on this momentum for accelerated manufacturing growth and greater global supply-chain integration, said the report titled “India Forward: Transformative Perspectives”.