By Mr. Ashok Rajpal, Managing Director, Ambrane India
In recent years, India has rapidly emerged as a formidable force in the global technology and manufacturing landscape. With homegrown tech brands carving their niche globally, the ‘Made in India’ narrative is evolving into ‘Made for the World.’
With total exports crossing more than 60 lakh crore in 2023-24, and manufactured goods accounting for more than 30 lakh crore, the results have soared India’s economy. Backed by a skilled workforce, a thriving digital ecosystem, and visionary government policies, Indian tech and product companies are now global contenders.
Government Initiatives such as the Production Linked Incentive (PLI) and Digital India schemes, and the Foreign Trade Policy (2023-26) have provided homegrown companies with capital support, tax incentives, and simplified regulatory paths to expand production and export capabilities.
Moreover, the digital age has simplified global trade through swift technology adoption. From blockchain in logistics to AI in supply chains and FinTech for easier trade finance, technology has made global trade more efficient and secure for Indian enterprises.
Global trade is always impacted by changing geopolitical scenarios; for example, the China+1 strategy led to many nations opting for an alternative electronics manufacturer. Here, India emerged as the go-to source for global firms looking to diversify their supply chains.
Major players like Micron, Vestas, and even Tesla are increasingly sourcing or manufacturing in India, riding on its growing infrastructure and lower costs. In FY 2023-24 alone, India attracted 1.50 lakh crore in total FDI, reflecting growing global confidence.
This global momentum has profound effects on the domestic front, from job creation to an improved economy, the nation is bountifully growing through these developments. India’s manufacturing factories have contributed to increased employment, particularly in the electronics and automotive sectors.
Government initiatives such as the ESDM (Electronics System Design and Manufacturing) initiative under MeitY (Ministry of Electronics and Information Technology) are equipping the labour force with necessary skills, thereby providing employment to many underprivileged individuals and adding a valuable workforce to India’s manufacturing factories.
Specialised electronic manufacturing clusters and industrial corridors are being rapidly developed across states to enhance regional production capacity. These hubs offer ready-to-use infrastructure, logistics support, and policy incentives to attract both domestic and global players.
Globally, Indian tech and manufacturing brands are recognised for their agility, quality, and innovation. Products made in India are now meeting international standards, opening doors in markets across Asia, Europe, and the US. The rise of Indian brands in wearable tech, mobility, and clean energy sectors showcases their ability to compete with global giants.
To export $1 trillion worth of goods by 2030, India is not just a participant but a strategic driver in the global economy. Trade agreements with over 42 countries, endeavours to make a homegrown semiconductor ecosystem, and aggressive capacity-building make this vision attainable.
