Over the centuries the Indian economy can be seen an enormous success story. Despite historical ups and downs, it has developed into one the world’s biggest.
Even in the pre-colonial era it was considered the largest economy in the world.
The present predictions for Indian industry are very positive in a pessimistic world where that is often a rarity.
One of the obvious strengths is that the country itself is so big it provides a massive market for its own goods.The internal Indian marketplace is one the biggest in the world.
This is combined with the workforce of around 500 million, also one of the world’s largest. Add in the Indian ethos of hard-work, diligence and innovation and you have the recipe of great economic success.
India is of course a nation of huge contrasts. The country has one of the highest number of billionaires in the world, while only two per cent of the population pay any income tax at all.
Overall it is in a very strong position. India is already the world’s sixth-largest manufacturer and has the fourth highest foreign exchange reserves.
Major industrial sectors include pharmaceuticals, where India is probably the world’s biggest producer. Other thriving industries include IT, chemicals and textiles.
Let’s look at some examples of India’s booming industrial sector.
India’s car and truck manufacturers are now the fourth largest in the world. This is a remarkable growth for a nation that only began constructing cars under the guidance of the British Austin Corporation after the Second World War.
By 2030 India is expected to be the world’s number three vehicle producer. It is already the second-biggest bus manufacturer, third largest heavy truck builder and the number one tractor builder.
The transition to electric vehicles is also expected to suit the agile Indian manufacturing sector. India is on course to produce 10 million EVs a year by 2030.