India's Manufacturing Ambitions in a Challenging Global Environment

India aims to become a manufacturing powerhouse amidst global challenges, as highlighted by the Economic Survey 2024-2025. The report stresses the need for collaboration across all sectors to reduce reliance on China for critical resources and support domestic manufacturing efforts, particularly in renewable energy.

The Economic Survey 2024-2025, released on Friday, highlights the necessity of combined efforts from government, private sectors, academia, and financial stakeholders to transform India into a manufacturing powerhouse amid global uncertainties.

With China's influence in global manufacturing and energy transition ecosystems, India faces challenges in reducing dependency on Chinese resources for its energy goals. The survey underscores the strategic advantage China holds in accessing and controlling pivotal resources for global supply chains.

The report calls for reinforcing domestic manufacturing through initiatives like the Production Linked Incentive scheme to enhance renewable energy targets, reduce costs, improve energy security, and create jobs. Collaborative efforts must be broadened to realize India's ambitions in a less supportive global scenario.

(With inputs from agencies.)