India has emerged as a global powerhouse in the manufacturing sector, making remarkable strides in futuristic technologies across industries ranging from electronics to steel. The year 2024 saw the country solidify its position on the world stage, becoming the third-largest smartphone exporter and a net exporter of steel for the first time. This transformation is attributed to concerted government efforts and strategic investments, including the decade-long “Make in India” initiative.
Manufacturing Breakthroughs
India’s manufacturing prowess shone bright this year with record-breaking crude steel production and growth in domestic and international markets. Industries that were previously considered niche, such as toy manufacturing, experienced an extraordinary boom. Toy exports surged by 239%, while imports dropped by 52%, reflecting India’s rising capabilities in competitive global markets. Meanwhile, sectors like pharmaceuticals saw consistent expansion, with India maintaining its status as the third-largest global producer by volume. The nation now boasts 748 USFDA-approved manufacturing sites, reinforcing its reputation as a leader in affordable healthcare solutions.
In renewable energy, the rise in solar panel production and wind turbines signifies India’s commitment to a green future. The country’s progress in electric vehicles and advanced consumer electronics further underscores its focus on developing industries of the future.
Milestones in Industrial Policies
Marking 10 years of the “Make in India” initiative, 2024 has witnessed the success of several policies that have fueled India’s industrial transformation. Production Linked Incentive (PLI) schemes, spanning 14 sectors, attracted over ₹1.28 lakh crore in investments while creating 8.5 lakh jobs. Electronics manufacturing recorded exponential growth, with production surging 400% since 2014. Specifically, mobile phone production witnessed a dramatic 600% rise, creating opportunities that have particularly benefited women workers.
Steel production saw an extraordinary transformation, with output increasing by 70% since 2014, helping India become a net exporter of finished steel. Meanwhile, the introduction of incentives for biomanufacturing and the launch of the Critical Mineral Mission in 2024 addressed the demand for essential materials critical to industries like EVs and semiconductors.
Economic and Employment Growth
India’s economy posted robust growth figures in FY2023-24, expanding by 8.2%, with the industrial growth rate reaching 9.5%. Manufacturing and construction sectors were at the forefront, nearing double-digit growth. Initiatives such as the development of 100 plug-and-play industrial parks helped streamline the industrial ecosystem and attracted substantial investments.
Micro, Small, and Medium Enterprises (MSMEs), the backbone of Indian manufacturing, contributed significantly to this growth. With over 4.7 crore enterprises registered on the Udyam portal, the sector accounts for 35% of the total manufacturing output and 45% of exports. Credit schemes provided ₹6.78 lakh crore in guarantees, fostering innovation and entrepreneurship.
The PM’s Employment Generation Programme supported the establishment of 89,000 micro-units, creating employment for over 7 lakh individuals, further underscoring the government’s efforts toward inclusive development.
Technological Advancements in Semiconductors
One of the standout developments of 2024 was the breakthrough in India’s semiconductor industry. The country achieved an annual capacity to produce 2,500 crore chips catering to automotive, EV, telecom, and consumer electronics sectors. With the establishment of its first semiconductor fabrication plant, India entered the global stage in advanced chip manufacturing. This $100 billion investment enables the production of 50,000 wafer starts per month, powering innovations in high-performance computing and defence applications.
Further, significant investments in research, including ₹1 lakh crore allocated by the National Research Foundation, have propelled private-sector-driven semiconductor innovation. The Bharat Semiconductor Research Center, coupled with partnerships between industry players and premier institutions like IITs, is fostering talent and next-generation technologies.
Renewable Energy and Textile Boom
India’s commitment to renewable energy saw solar capacity expand 25-fold since 2014, reinforcing its clean energy goals. Meanwhile, textiles and apparel exports have grown by 20% over the past decade, making India a top-five exporter globally with exports valued at ₹2.97 lakh crore in 2024.