India's Ambitious Push: Tripling Exports by 2035 with New Manufacturing Strategy

India aims to triple exports by 2035 through structural changes in manufacturing rather than huge spending. The focus is on boosting manufacturing in 15 key sectors. A new National Manufacturing Mission will streamline regulations, and foster infrastructure development with modest funding to lift India’s economic growth.

India has set an ambitious goal to triple its exports by 2035, according to top government officials. The strategy focuses on structural changes in manufacturing rather than high expenditure, with attention on 15 sectors, including semiconductors and leather.

Efforts will pivot around a new National Manufacturing Mission, emphasizing reduction of regulatory obstacles, ensuring land approvals, and facilitating cheaper project financing. The mission was announced last year, and further details may emerge in February's budget announcement.

A government panel, chaired by a minister, will oversee the initiative, coordinating with states to streamline red tape and enhance infrastructure, particularly in manufacturing hubs with geographic and infrastructure advantages.

(With inputs from agencies.)