Domestic Manufacturing Activities to Pick up in India: Deepak Shenoy
New Delhi, Feb 19 (IANS) – The CEO of Capitalmind Financial Services Pvt, Deepak Shenoy, has expressed optimism about the expected growth in domestic manufacturing activities in India. He credits the Production-Linked Incentive (PLI) schemes offered by the government and increased spending on infrastructure as key factors driving this growth.
Shenoy predicts a surge in manufacturing activities, specifically in the infrastructure sector, machinery sector, B2B commerce, and potentially in domestic consumption. He also highlighted the growth of India’s manufacturing sector as a key driver of the country’s over seven per cent GDP growth amid the global slowdown.
The government has set ambitious targets for the manufacturing sector, aiming to reach $300 billion in electronics production, including $100 billion in exports. Last week, the Union Ministry of Heavy Industries (MHI) announced a second round under the PLI scheme for the manufacturing of Advanced Chemistry Cells (ACC) in the country.
Shenoy emphasized the increasing interest and movement in earnings, revenue, and management commentary among domestic companies. He also noted the changing landscape of Indian manufacturing, stating that the lack of major Indian brands in certain areas will change in the coming years.
Moreover, Shenoy highlighted the growing opportunities for Indian companies in the defense and railway sectors. He noted that Indian companies are now being given the opportunity to participate in projects that were previously sourced from other countries.
As the government continues to incentivize and support domestic manufacturing, Shenoy’s remarks provide a positive outlook for the future of Indian manufacturing activities.
–IANS
na/rad
