A decade of Make in India

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Key objectives
Economies of scale	Reduce imports	Increase exports	Boost demand
Fostering a supportive ecosystem for growth across all industrial scales.	Strategically promoting high-potential sectors to boost domestic production and cut imports.	Implement policies to enhance India's global manufacturing competitiveness and exports.	Revise sourcing norms and remove policy barriers to stimulate domestic demand.

Key initiatives to achieve
PLI Scheme: 4-6% incentives on increased sales of India-made electronics.	Import ban on air conditioners (ACs) with refrigerants.	PLI scheme: 5% incentive on increased sales of India-made medical devices.	Major port authorities bill: boost port infrastructure via decentralization and deregulation.

Sector	Growth	Exports / Imports	Key Investors
Electronics manufacturing (Mobile phones / telecom / drones & drone components / IT hardware / white goods)	India's electronics sector grew to US$ 155 bn in FY23, almost quadrupling its value from FY16, driven mainly by mobile phones.	Mobile exports surged 77 times from 2014. Currently, 99% of Indian mobile phones are domestically made, a sharp rise from 26% in 2014-15	Foxconn, Pegatron, Samsung, Optiemus, Padget Electronics, Lava International, Bhagwati Products
Medical devices/ pharmaceutical drugs / drug intermediaries and API	The Indian pharmaceutical industry has grown 1.3 times in the last 5 years (from US$ 38 bn in 2018 to US$ 50 bn in 2023). It is projected to reach US$130 bn by 2030.	Exports nearly doubled (increasing from US$ 15.07 bn in 2013-14 to US$ 27.85 bn in FY 2023-24) Significant reduction in imports of raw materials in the pharma sector.	Panacea Medical Technologies, Siemens Healthcare, Allengers Medical Systems, Aurobindo Pharma, Karnataka Antibiotics & Pharmaceuticals, Orchid Bio-Pharma, Reddy’s Laboratories, Biocon, Strides Pharma Science, Premier Medical
Electric vehicles	Sector, which was non-existent in 2014, is now valued at US$ 3 bn.	Exports reached US$ 10 mn in 2022	Hyundai, Hero, SKODA, KIA, BMW, Tata Motors, Mahindra & Mahindra, Ather, Simple Energy, Ola
Defence & aerospace	The value of defence production in the country increased 2.3 times in the last 10 years (FY24 stood at US$ 15.3 bn which was 6.5 in 2014)	Exports have experienced a 21-fold increase soaring to US$ 2.5 bn, reaching over 85 nations	Aarav unmanned systems, Asteria Aerospace, Absolute Composits Bangalore, Adroitec Information systems
Renewable energy	By March 2023, the cumulative PV Module manufacturing capacity had surged to around 38GW, which is double the capacity from 2020 (15GW).	Indian PV exports (by value) have already risen by more than 5x in the last one year	Adani Green energy, Suzlon Energy, Renew Power, Borosil Renewables, JSW Energy, Vestas, Nordex, Gurit
Specialty steel	India ranks as the world's second-largest producer of steel and is poised to overtake China as the world's second-largest consumer of steel.	Export of finished steel has increased by over 50% since 2014	ArcelorMittal Nippon Steel India, Jindal Steel Odisha, The Tinplate company of India, Bhushan Power & Steel
Food processing	The Gross Value Added (GVA) of the food processing sector has increased from US$ 21.91 bn in 2014-15 to US$ 27.95 bn in 2021-22	The share of processed food exports in agri-exports has increased substantially from 13.7% to 25.6% in the last 10 years.	Britannia Industries Limited, Haldiram Snacks, Parle Biscuits, Bikaji Foods, ITC, Bikanervala Foods, Anmol Ind

_{Source: PIB, IBEF, Institute for Energy Economic & Financial Analysis, Indian Pharmaceutical Alliance, DGCIS, NITI Aayog}

Global investment intensions in India

Company	HQ country	Sector	USD mn	Location
Hyundai Motors	South Korea	Automotive	2,756	Tamil Nadu
Skoda-Auto Volkswagen	Germany	Automotive	1,797	Maharashtra
IMR Metallurgical Resources	Switzerland	Metal	1,438	Andhra Pradesh
Hyundai Motors	South Korea	Automotive	839	Maharashtra
Micron	USA	Semiconductor	825	Gujarat
TDK Corp	Japan	Electronics	779	Haryana
Nissan, Renault	Japan, France	Automotive	635	Tamil Nadu
Nestle	Switzerland	Food and beverage	599	Odisha
VinFast	Vietnam	Automotive	500	Tamil Nadu
Saint-Gobain	France	Construction	407	Tamil Nadu
AMD	USA	Semiconductor	400	Karnataka
Pou Chen	Taiwan	Footwear	276	Tamil Nadu
Mitsubishi Electric	Japan	Electronics	227	Tamil Nadu
Shoetown	China	Footwear	204	Tamil Nadu
Mondelez	USA	Food and beverage	192	Andhra Pradesh
Boeing	USA	Aerospace	192	Karnataka
Wistron	Taiwan	Electronics	180	Andhra Pradesh
Siemens Healthineers	Germany	Healthcare	156	Karnataka
Youngone Corporation	South Korea	Textile	120	Telangana
ABB	Sweden, Switzerland	Engineering	120	Maharashtra

_{*from company news articles. *For investment announcements in INR, an exchange rate of 1US$ = 82 INR has been used for conversion}

Domestic investment intensions in India

Company	Sector	USD mn	Location
Adani Energy	Energy	100,000	Gujarat
Tata Electronics + PSMC	Semiconductor	10,905	Gujarat
Maruti Suzuki	Automotive	3,835	Gujarat
Tata Semiconductor Assembly	Semiconductor	3,235	Assam
Tata Motors	Automotive	1,000	Tamil Nadu
Exide Battery	EV battery	719	Karnataka
Kaynes SemiCon	Semiconductor	599	Gujarat
Tata Chemicals	Chemicals	479	Gujarat
Sanofi Healthcare	Pharma	431	Telangana
Epsilon Carbon	Chemical	240	Odisha

Economy	2^nd largest in the world
Manufacturing GDP	To grow 15x to US$ 6.2 trillion
Services GDP	To grow 13x to US$ 20 trillion
FDI	To grow 12x to US$ 1 trillion
Exports	To grow 12x to US$ 8 trillion

_{Source: Invest India, Davos paper.}

A decade of Make in India

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