Spotlight: Lauding Innovation Driven Growth

India has been able to significantly increase its capacities to achieve self-sufficiency from an industrial point of view. He says with the introduction of the liberal economic policies from 1991 onwards, the Indian economy is in much better health than before. Problems such as License Raj are no more, and new domains of business are opening on a regular basis. This is especially true of infrastructure sector, as well as other areas that were previously the sole preserve of the government. Indian industrial sector has been forced to restructure itself and thus has become significantly modern than before.

There is more focus on reducing costs of production and achieving the levels of technological competence that can help one stay globally relevant and deal with cut-throat competition. If the industrial sector in India has to flourish, then there has to be sufficient foreign capital in the country. However, as many foreign firms would attest, it is not that easy to invest in India. Industrial production in India jumped 7.1 percent year on-year in April of 2022, advancing from an upwardly revised 2.2 percent rise in the previous month and beating market expectations of a 5.1 percent rise. It was the strongest growth in industrial activity since August of 2021 as output accelerated for all sectors: electricity (11.8 percent vs 6.1 percent), manufacturing (6.3 percent vs 1.4 percent) and mining (7.8 percent vs 3.9 percent).

Manufacturing has emerged as one of the high growth sectors in India. Prime Minister of India, Narendra Modi, launched the ‘Make-in-India’ program to place India on the world map as a manufacturing hub and give global recognition to the Indian economy. Government aims to create 100 million new jobs in the sector by 2022. India’s gross domestic product (GDP) at current prices stood at Rs. 1.23 lakh crore (US $694.93 billion) in the first quarter of FY22, as per the provisional estimates of gross domestic product for the first quarter of 2021-22. The manufacturing GVA at current prices was estimated at US $77.47 billion in the third quarter of FY22. The manufacturing sector of India has the potential to reach US $1 trillion by 2025. The implementation of the Goods and Services Tax (GST) will make India a common market with a GDP of US $2.5 trillion along with a population of 1.32 billion people, which will be a big draw for investors. The Indian Cellular and Electronics Association (ICEA) predicts that India has the potential to scale up its cumulative laptop and tablet manufacturing capacity to US $100 billion by 2025 through policy interventions.

This issue of Startupcity magazine, recognizes the impact created by the Corporate, Industrial, Business and Service sectors which comprises various fields, Startupcity magazine presents the list of ‘July Spotlight - 2022’, which has strived to redefine the industry with effective solutions. The following list has undergone strict scrutiny by a panel of judges which includes CXOs, industry analysts, and Startupcity magazine editorial team.