The Indian manufacturing sector has reason to be optimistic with finance minister Nirmala Sitharaman’s Budget announcement this year. With a growth-driven vision of achieving a $5-trillion economy by 2024, the Budget focussed on revitalising the manufacturing sector and bringing sunrise and advanced technology industries to India, stepping up the momentum of the ‘Make in India’ vision. Technology manufacturing, especially towards establishing a holistic component ecosystem, can play an important role in accelerating the growth of the sector and helping realise India’s potential as the manufacturing hub for the world.
Reports by the Everest Group and Nasscom show that more than 7,200 technology startups were founded in India in the last five years. Of these, eight evolved to become unicorns in 2018 and almost half of them are operating in deep-technology areas. The proven technology prowess of India and a burgeoning startup community creates the right environment to drive innovation in the high-tech industry, which will further add to the growth of the technology manufacturing sector.
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