India provides a very dynamic and vibrant ecosystem for startups. In fact, anyone in India can register a startup online and free of cost through the Ministry of Micro, Small & Medium Industries (MSME). The requirements are simple. As a result, several micro and small industries are cropping up across the country.
Second and perhaps the most important one is the ‘Make in India’ policy that the Indian government led by Prime Minister Narendra Modi launched in 2014. This policy provides ease of doing business and manufacturing in India. Consequently, include almost everything from aerospace companies to clothing manufacturers setting up manufacturing hubs in India to cater to the Indian market and export to their foreign markets too.
The Skills India program, also launched by the current government aims at creating 100 million new jobs by the year 2020. Already, we’re seeing tens of thousands of fresh graduates complete the over 160 courses offered under the Skills India scheme every year.
And finally, the Covid-19 pandemic of 2020 is also seeing India emerge as a manufacturing hub of choice among global companies, as the exit China due to political fallout over origins of the virus and unilateral military actions in the South China Sea. Countries such as Japan, US and member states of the European Union now view India in a different light as several top companies including Samsung and Apple moving their manufacturing bases to India.
All the above three factors clearly indicate that the future of the manufacturing industry in India is rather bright. Below, we will look at some facts and figures that would prove my point.