Impact on the Indian Manufacturing sector
The resurgence of India's manufacturing sector has been quite magical. Not only are profits soaring, the sector is fast spreading its tentacles abroad as many Indian manufacturing firms inch close to becoming true blue multinationals.
The Indian economy grew by 7.4 percent in the April-to-June quarter, FY2005, buoyed by growth in manufacturing and services. Manufacturing grew 8 percent in the quarter, compared with 7.6 percent in the previous quarter. The picture is about to brighten further.
• According to a CII-McKinsey report, manufacturing exports from India are likely to grow to $300 billion in 2015 from $48 billion in 2003. The country would then have a 3.5 per cent share of the world manufacturing trade.
• To reach the $300 billion target, the industry has to clock a growth of 17 per cent every year as against the 11 per cent rate at which it is growing at present.
• Manufacturing exports from India grew 20 per cent in 2003 over the previous year.
• Of the total $300 billion, $70- $90 billion is expected to come from just four sectors - apparel, auto components, speciality chemicals and electricals and electronic products. India's exports in these sectors were $10 billion in 2002.
The resurgence of India's manufacturing sector has been quite magical. Not only are profits soaring, the sector is fast spreading its tentacles abroad as many Indian manufacturing firms inch close to becoming true blue multinationals.
The Indian economy grew by 7.4 percent in the April-to-June quarter, FY2005, buoyed by growth in manufacturing and services. Manufacturing grew 8 percent in the quarter, compared with 7.6 percent in the previous quarter. The picture is about to brighten further.
• According to a CII-McKinsey report, manufacturing exports from India are likely to grow to $300 billion in 2015 from $48 billion in 2003. The country would then have a 3.5 per cent share of the world manufacturing trade.
• To reach the $300 billion target, the industry has to clock a growth of 17 per cent every year as against the 11 per cent rate at which it is growing at present.
• Manufacturing exports from India grew 20 per cent in 2003 over the previous year.
• Of the total $300 billion, $70- $90 billion is expected to come from just four sectors - apparel, auto components, speciality chemicals and electricals and electronic products. India's exports in these sectors were $10 billion in 2002.