In a strategic move to bolster domestic manufacturing and propel exports, the Indian government targets a substantial increase to $500 billion by 2030 across 10-11 key sectors. These sectors include automobiles, pharmaceuticals, textiles, medical devices, and chemicals. The Commerce and Industry Ministry recently convened a meeting to deliberate on these objectives, which emanated from discussions during the Chintan Shivir for Manufacturing.
The meeting, held in collaboration with the Department of Promotion of Industry and Internal Trade (DPIIT), Invest India, and the SCALE Committee (Steering Committee for Advancing Local Value-Add and Exports), aimed to unveil outcomes and recommendations from the manufacturing-focused Chintan Shivir held on October 12 at Bharat Mandapam.
The 11 identified sectors encompass auto components, automobiles (including EVs), capital goods, chemicals, drones, medical devices, aerospace and defense, leather and footwear, textiles, and space.
A senior official shared insights into the government’s strategy, stating, “We are looking at investments in these sectors. We will drill down to each of the areas to see how to promote manufacturing, and we have kept a target to increase exports in these 10-11 sectors from USD 160 billion to USD 500 billion by 2030.”
The overarching goal of the ministry is to elevate the country’s goods and services exports to USD 2 trillion by 2030.
The Chintan Shivir witnessed participation from industry leaders, knowledge partners, and government officials from the focus sectors. Deliberations focused on the current manufacturing landscape, challenges, and tailored recommendations to stimulate growth.
Commerce and Industry Minister Piyush Goyal, Chemicals and Fertilisers Minister Mansukh Mandaviya, and Heavy Industries Minister Mahendra Nath Pandey presided over the meeting. When questioned about the government’s plan for the electric vehicles (EVs) sector, the official emphasized the importance of international collaboration and inviting countries such as Germany, Korea, and Italy to participate.
PTI
