Scope of manufacturing sector in India

Before talking about the scope we need to know how important a manufacturing sector plays
in development of a country
In 1990, India and China had almost the same GDP per capita. Since then, driven by its
manufacturing sector, Chinas economy has grown much faster than has Indias and its GDP
per
capita on a PPP basis is 90% higher than Indias GDP per capita. To achieve faster rates of
economic growth India urgently needs to strengthen its own manufacturing sector.
The growth in manufacturing sector is dependent on the investment climate. The structural reforms
since 1990s have made some progress. Despite recent setbacks, it is universally acknowledged that
the reforms process in India cannot be reversed and sooner or later these reforms will be
implemented. However, the long term competitive ability of Indian firms would depend on
production efficiency.

The Indian economy is firmly on the path of steady growth. Even during the last decade when
other countries were in the grip of a massive slowdown, India continued to enjoy a
comfortable economic position. The liberalization of the economy has opened new windows
of opportunity for manufacturing sector. Increasingly the success of manufacturing industries
is dependent on innovations ,research and development. It is critical not only to remain
competitive but also, significant advantages can be gained by developing and
commercializing new technologies.
SECTORS/INDUSTRIES THAT HAVE HUGE SCOPE IN INDIA:(a.)The telecom sector:The telecommunications sector is growing at more than 100 per cent annually and there are about 43
million cellular subscribers in the country. India's demand for telecom hardware - both terminal
products such as mobile phones and digital devices and network equipment, is met largely through
imports.
(b.) Oil & Gas Industry:geographies and geologies are changing. China, India and the Middle East have emerged as key
demand centres, contributing more than 80% of incremental consumption. Similarly, oil and gas
supply patterns have shiftedthe share of North America and Asia-Pacific is increasing, while supply
from Europe and Latin America is declining.
Globally, new oil and gas production is focused on more remote, challenging and expensive-to-operate
locations. Deep-water, ultra deep-water, tight oil and shale gas are great examples of this. In refining,
crude oil processing is changing in such a way that it increases the technological complexity and cost.
Given this, India needs to choose its options and align its energy mix wisely. It has options around
coal, oil, gas, renewables and nuclear. Yes, all options need to be considered and utilized, but where
and how to focus is the trillion-dollar question.
(c.) Automotive Industries:Huge investments are being made in the automotive industry around the world. If we can develop
even around 5% of business here, we can earn a lot of foreign currency, but for that we need to

manufacture at speed and maintain high standards of quality.

(d). Petrochemical Industries:The competitors in the market are attracted to the India petrochemical industry for its benefits. The per
capita consumption of synthetic fibres, synthetic rubber, plastics, polymers in India is lower than the
per capita consumption worldwide. But interestingly, the growth of the petrochemical industry in India
in recent times was around 15% whereas the growth in the petrochemical industry globally was only
4%. In the future, there is a huge scope for the India petrochemical industry in the global market for
petrochemicals and petrochemical-based products. This would make way for the entry of new
companies in the Indian market.
This industry is divided into 3 basic petrochemicals such as olefins (ethane, propane, and aromatic
compounds such as benzene, toluene, intermediate petrochemicals, end products (polymers), synthetic
fibres, and synthetic rubber .
(e). Information Technology Sector :IT students have a lot of scope for their future. Since the technologies and IT sectors are increasing
day by day, the need of employers are also increasing. But just reaching IT field for the sake of a
degree and a job wont give success. Because in coming future the IT industries do not adopt
employers having degrees for a short term course, they need really talented and well experienced
employers to do their job.
Step Taken By Indian Government for betterment of manufacturing sectors :Make in India is an initiative program of the Government of India to encourage companies to
manufacture their products in India. It was launched by Prime Minister Narendra Modi on 25
September 2014