India’s labor force and domestic market are huge. According to a newspaper article, India may have the greatest population in the world.
Democratic India is a natural partner for Western nations, and the Indian government has worked to improve the business environment.
It achieved success when a major phone manufacturer decided to significantly increase phone production in India, including expediting the production of its most advanced model. According to the newspaper, the expansive industrial parks in Sriperumbudur, a city in the southern state of Tamil Nadu, provide signs that India is changing.
For many years, foreign manufacturers here have produced vehicles and goods for the Indian market. These companies produce anything from toys and apparel to solar panels and wind turbines.
One of the biggest wind turbine manufacturers in the world opened two new plants in Sriperumbudur in 2021. According to the publication, the company’s six assembly lines are now used to construct hub cells, power trains, and other components stacked up in a storage yard and delivered around the globe.
Wind-turbine manufacturers expanded due to forecasts that India will soon become the second-largest market for turbines.
India must address the challenges that have made it a minor participant in global supply chains. Its workforce is still primarily inexperienced and poor; its infrastructure and business environment, including regulations, are inadequate.
Indian manufacturing is still a modest portion of the country’s overall economy. According to World Bank data, its manufactured exports in 2021 were higher than those of every other emerging market except for Mexico and Vietnam.
The electronics exports have increased the most, tripling from 2018 to USD 23 billion. A technology market study estimates that India will produce 19% of the world’s smartphone phones this year, up from just 9% in 2016.
According to data from the central bank, foreign direct investment into India doubled from 2020 to 2022, reaching an average of USD 42 billion yearly.