Manufacturing sector – focusing on real estate for next 5 years in India
The manufacturing sector in India is expected to grow at one of the fastest rates and produced 16–17% of the country's GDP prior to the epidemic. The machine tool sector in India formed the foundation of the country's manufacturing economy. Thanks to the success of important industries including automotive, engineering, chemicals, pharmaceuticals, and consumer durables, manufacturing is starting to stand out as a crucial pillar of the nation's economic growth. Prior to COVID-19, India's manufactured exports typically increased between 5% and 10% annually. However, for the last two years, exports have expanded at a phenomenal 15% compound annual growth rate (CAGR). Textiles, automobiles, industrial machinery, chemicals, pharmaceuticals, electronics, and more are anticipated to drive manufacturing exports to exceed US$ 1 trillion by FY28. The last five years have seen a five-fold increase in the manufacture of mobile phones, and India is poised to become a major worldwide hub for mobile phone exports, which will drive up demand for integrated circuits and semiconductors. The shift in emphasis from assembly to gaining proficiency in the fabrication of hardware components from start to finish will accelerate this. Industry 4.0, or the fourth industrial revolution, is about to take place globally. It will enable customized and adaptable mass production technologies, connect the physical and digital worlds, and advance manufacturing process automation.
