India proposed to be the third largest economy by 2030 and Next manufacturing destination of world Make In India


India is on the threshold of major reforms and is poised to become the third-largest economy of the world by 2030 and its ascension could see France and Italy kicked out of the exclusive G8 group or its membership increased to 10 to accommodate India and Brazil. According to a new study of UK think tank. India’s projected GDP in 2030 was $10,133 billion, behind America’s $32,996 billion and China at the top with a projected GDP of $34,338 billion. In the words of our Hon’ble Prime Minister, India offers the 3 ‘Ds’ for business to thrive— democracy, demography and demand. Add to that a tech-savvy and educated population, skilled labour, robust legal and IPR regime, and a strong commitment to calibrated liberalization — India is a destination that German investors cannot overlook. India’s manufacturing sector has evolved through several phases – from the initial industrialisation and the license raj to liberalisation and the current phase of global competitiveness. Today, Indian manufacturing companies in several sectors are targeting global markets and are becoming formidable global competitors. Many are already amongst the most competitive in their sectors. View more at #Hindustan360 .

What does media says
According to a report by the UK think tank Centre for Economics Business and Research (CEBR), China will overtake the US as the largest economy in the world in 2029 with the US slipping to second place and India close behind at third. India’s projected GDP in 2030 was $10,133 billion, behind America’s $32,996 billion and China at the top with a projected GDP of $34,338 billion.
[source – Indiatimes]

The current macroeconomic projections for 2015 show India in the eighth spot, behind countries like Brazil, France and Germany. However, in the next 15 years, India is likely to surpass these countries to break into the top three. The projections show that even though US is likely to be the world’s largest economy, it will have reduced dominance. On the other hand, China, a robust Asian powerhouse, will be closely following the US economy on the number 2 spot.
[source – Indian Express]

By 2030, China will have almost tripled its gross domestic product (GBP), India will have overtaken Japan as the world’s fourth biggest economy, and the UK’s GDP will be lagging behind Brazil’s. So says data from the US Department of Agriculture, who have published their projections of each country’s GDP for the next 15 years.
[source – Indian Express]

The world’s second populous nation (India) has made a start in 2015 in catching up with China, with faster economic growth than China for the first time in recent years. But there is still a long way to go and India is only likely to overtake China at some point in the second half of the 21st century,” said latest edition of CEBR Global’s World Economic League Table (WELT) for 2016.
[source – Deccan Chronicle]


India proposed to be the third largest economy by 2030 and Next manufacturing destination of world #Hindustan360

Demographics Advantage of manufacturing in India:

  • The country is expected to rank amongst the world’s top three growth economies and amongst the top three manufacturing destinations by 2020.
  • Favourable demographic dividends for the next 2-3 decades. Sustained availability of quality workforce.
  • Strong consumerism in the domestic market.
  • Strong technical and engineering capabilities backed by top-notch scientific and technical institutes.
  • The cost of manpower is relatively low as compared to other countries.
  • Ease of Doing Business in India:

  • Sector specific initiatives: The government of India provides sector specific subsidies for promoting manufacturing for example in order to boost manufacturing of electronics, the Govt. of India provides capital subsidy of up to 25% for 10 years.
  • Area based incentives: Incentives are provided for units in SEZ/NIMZ as specified in respective acts or setting up project in special areas like North East Region, Jammu & Kashmir, and Himachal Pradesh & Uttarakhand.
  • Investment Allowance: The Government of India in its Union Budget 2014-15, has provided investment allowance at the rate of 15 per cent to a manufacturing company that invests more than US$ 4.17 million in any year in new plant and machinery.
  • Export Incentives: Under the foreign trade policy exports have been provided with several incentives like duty drawback, duty remission schemes etc.
  • R&D Incentives: Higher weighted deductions of 200% provided for expenditure related to R&D subject to fulfilment of conditions.
  • Apprentice Protsahan Yojana: Will support manufacturing units mainly and other establishments by reimbursing 50% of the stipend paid to apprentices during first two years of their training
  • Reference