World India is rapidly moving towards becoming a manufacturing hub of the world. This information has been given in a report by global financial firm Lazard. In the report titled ‘Outlook for Emerging Market’, the global firm has said that India has a strong demographic dividend and the country’s economy will benefit from the large number of youth and will help India grow by 2060. With India becoming a manufacturing hub, millions of youth will get jobs. Let us tell you that manufacturing activities are increasing in many industries including electronics, automotive, textiles and pharmaceuticals in India, as more and more international companies and multinational companies are turning to India to expand their business.
Young population will also benefit
The report explains in detail that more than 80 percent of the country’s population is below 50 years of age and with the increase in income, the middle class is getting more money. For this reason, we believe that the country will progress rapidly by 2060. Let us tell you, at present India is the fastest growing economy in the world. India’s GDP growth rate in the financial year 2023-24 was 8.2 percent. Prime Minister Narendra Modi has worked to stabilize India’s economy on a large scale in his first two terms. Along with this, crores of people have been connected to the digital economy and many tax reforms have been implemented.
Emphasis on manufacturing even in 2024-25
The report further states that the resolve to make India a developed nation by 2047 is going to be a major factor in the third term of the Modi government. India is making a lot of efforts to strengthen its manufacturing sector, a glimpse of which was also seen in Budget 2024-25. Special attention has been given to the manufacturing units of the MSME sector by the Finance Minister. To support manufacturing, the government has increased the limit of ‘Mudra Loan’ from Rs 10 lakh to Rs 20 lakh. At the same time, the government will provide financial assistance for setting up 50 multi-product food irradiation units in the MSME sector.
Input: IANS
Latest Business News