Make in India: A Mission to Empower Domestic Manufacturing

Meta Description: Launched in 2014, Make in India aims to transform India into a global manufacturing hub. Discover the impact and benefits of the Make in India scheme, designed to transform India into a global manufacturing powerhouse. Learn about the key sectors, initiatives, and challenges of this revolutionary program.

Table of Contents

Introduction

In 2014, the Indian government embarked on an ambitious initiative: Make in India. This program aspires to revolutionize the nation’s manufacturing landscape, propelling India towards becoming a global leader in production and exports. By fostering innovation, attracting foreign investment, and streamlining business processes, Make in India envisions a robust and self-sufficient Indian economy.

The Pillars of Make in India

Make in India rests upon four key pillars designed to cultivate a thriving manufacturing ecosystem:

Ease of Doing Business: Recognizing the significance of a streamlined business environment, the initiative prioritizes simplifying regulations and procedures. This includes initiatives like single window clearances, industrial corridors, and tax reforms.
Infrastructure Development: Building a robust infrastructure network is crucial for efficient manufacturing operations. The program focuses on developing industrial parks, improving transportation links (roads, railways, ports), and establishing advanced logistics facilities.
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Investment Promotion: Make in India actively courts foreign direct investment (FDI) by offering attractive incentives. These incentives include tax breaks, subsidies, and streamlined repatriation of profits.
Skill Development: A skilled workforce forms the backbone of a successful manufacturing sector. The program emphasizes vocational training, skill development initiatives, and collaborations with academia to bridge the skill gap.

Targeted Sectors

Make in India prioritizes growth across 25 key sectors, encompassing a wide spectrum of industries:

Automobiles
Aviation
Biotechnology
Chemicals
Construction
Defense Manufacturing
Electrical Machinery
Electronic Systems
Food Processing
IT and BPM
Leather
Media and Entertainment
Mining
Oil and Gas
Pharmaceuticals
Ports and Shipping
Railways
Renewable Energy
Roads and Highways
Space and Astronomy
Textiles and Garments
Thermal Power
Tourism and Hospitality
Wellness
Railways

Initiatives and Benefits of Make in India

The Make in India scheme offers several initiatives and benefits to attract foreign investment and boost domestic manufacturing:

Ease of Doing Business: The government has taken steps to simplify business regulations, reduce bureaucratic red tape, and streamline approval processes.
Job Creation: The program aims to generate millions of new employment opportunities in the manufacturing sector, boosting economic growth and improving living standards.
FDI Reforms: The scheme allows for increased foreign direct investment (FDI) in various sectors, making it easier for foreign companies to set up operations in India.
Skill Development: The government has launched the National Skill Development Mission to train and upskill the workforce, ensuring a steady supply of skilled labor for the manufacturing sector.
Infrastructure Development: Significant investments are being made in infrastructure projects such as roads, railways, ports, and power generation to support the growth of the manufacturing sector.
Tax Incentives: The government offers various tax incentives and exemptions to encourage companies to invest in the manufacturing sectors

Achievements of Make in India

The Make in India initiative has garnered several notable achievements since its launch in 2014. Here’s a breakdown of some key accomplishments:

Increased FDI: Make in India has demonstrably succeeded in attracting foreign direct investment (FDI) into India. In FY 2022-23, India received a record $85 billion in FDI, showcasing the program’s effectiveness in luring global investors.

Job Creation: The initiative has contributed to the generation of millions of new jobs across various sectors. Estimates suggest over 10 million direct jobs have been created by 2023, providing significant employment opportunities and boosting economic activity.

Rise in Exports: A robust manufacturing sector, spurred by Make in India, has translated to a significant increase in Indian exports. India’s overall exports (merchandise and services combined) witnessed a positive growth of 13.84% in FY 2022-23, reaching $770.18 billion.

Manufacturing Growth: While the ambitious target of increasing the manufacturing sector’s contribution to GDP to 25% by 2025 hasn’t been fully achieved, the sector has witnessed growth. Several industries have shown significant improvement, with India becoming a leader in mobile phone manufacturing, boasting over 200 units and producing millions of handsets annually.

Improved Ease of Doing Business: Recognizing the importance of a streamlined business environment, Make in India has prioritized simplifying regulations. India’s ranking in the World Bank’s Ease of Doing Business Index has improved significantly, jumping from 142nd in 2014 to 63rd in 2020.

Sectoral Progress: The program has fostered growth in specific sectors like automobiles, electronics, pharmaceuticals, textiles, and renewable energy. This sectoral progress signifies India’s growing capabilities and potential for further development.

Increased Innovation: By attracting global giants and fostering a more conducive environment, Make in India has spurred innovation in Indian manufacturing processes. This focus on technological advancements can propel India’s competitiveness in the long run.

Overall, Make in India has demonstrably contributed to India’s economic growth trajectory. While challenges remain, the initiative’s achievements in attracting investment, generating jobs, and fostering a more robust manufacturing sector are undeniable.

Eligibility Criteria

General Category

The applicant entity must be an Indian company.
The applicant’s allied entity should not be banned.
Applicants can include companies, trusts, and individuals.

Technical Category

Vendors must be a manufacturing entity, not a trading company, except in the case of OEM Participants.
Must have a minimum of 2 years of manufacturing experience.
Previous experience of integration is required if the product involves an integration system.

Financial Category

The Minimum average annual turnover for the last three years should not be less than 10% of the estimated cost.
The net worth of entities should not be less than 5% of the estimated growth.
The entity should have a minimum credit rating equal to the CRISIL rating.

Additional Eligibility Criteria

You must be an Indian or foreign company with manufacturing or service operations based in India.
The products must undergo a minimum of 20% value addition in India.
Class-I Local Supplier: A supplier or service provider with local content equal to or more than 50%.
Class-II Local Supplier: A supplier or service provider with local content of more than 20% but less than 50%.

To apply for the Make in India Certificate, companies must provide the following documents:

Company registration and incorporation documents (GST Registration Certificate, Certificate of Incorporation).
GeM Bid Document.
List of products manufactured in India, along with the percentage of local value addition.
Raw Material and Service Cost break up.
Details and address of manufacturing facilities in India.
Purchase Bill of machines, tools, and equipment used.
Purchase bill from the supplier.

Once the applicant meets all the eligibility criteria and submits the required documents, they can register themselves on the Make in India website and fill out the registration form. After a thorough review of the applicant’s proposal and a discussion about the company’s future, the application may be approved, and the applicant will receive a Make in India registration certificate valid for three years.

How to get registered in Make in India

To get registered under the Make in India initiative, companies need to follow these steps:

Eligibility Criteria: To be eligible for Make in India registration, you must meet the following criteria: You must be an Indian or foreign company with manufacturing or service operations based in India.
Required Documents: To apply for Make in India registration, you need to provide the following documents: Company registration and incorporation documents (GST Registration Certificate, Certificate of Incorporation)
Registration Process: To register for Make in India, follow these steps: Visit the Make in India website (
Benefits of Make in India Registration: The Make in India registration certificate provides several benefits, including Access to government incentives and subsidies designed to encourage investment in India, such as tax breaks, infrastructure development subsidies, and research and development subsidies

By following these steps and providing the necessary documents, companies across all industry sectors can obtain the Make in India Certificate, facilitating their participation in government procurement processes and contributing to the vision of a self-reliant and globally competitive India

Benefits of obtaining a Make in India registration certificate

The main benefits of obtaining a Make in India registration certificate are:

Access to Government Incentives and Subsidies: The Make in India registration certificate provides companies access to various government incentives and subsidies designed to encourage investment in India. These include tax breaks, infrastructure development subsidies, and research and development subsidies.
Access to Government Services and Resources: The certificate gives companies access to services provided by government ministries and departments such as the Ministry of Commerce and Industry, Ministry of Micro, Small, and Medium Enterprises, and Ministry of Skill Development and Entrepreneurship. These services can help companies navigate the Indian business landscape, access resources like skilled labor, and connect with other companies and investors.
Ability to Establish a Presence in India: The Make in India registration certificate helps companies, especially foreign ones, establish a presence in India and build relationships with Indian businesses and government officials. This is important for entering the Indian market.
Participation in Government Procurement Processes: Companies with the Make in India certificate are eligible to bid for government procurement contracts. Only ‘Class-I local suppliers’ (local content ≥50%) and ‘Class-II local suppliers’ (local content >20% but <50%) are eligible to bid for procurement with an estimated value of less than Rs. 200 crore.
Contribution to the Vision of a Self-Reliant India: By obtaining the Make in India certificate, companies can contribute to the government’s vision of transforming India into a global manufacturing hub, boosting domestic production, creating jobs, and enhancing the country’s global competitiveness.

In summary, the Make in India registration certificate provides companies with financial incentives, access to government resources, and the ability to participate in government procurement, ultimately supporting the initiative’s goal of making India a global manufacturing powerhouse.

Impact of Make in India

Since its launch, the Make in India scheme has had a significant impact on various sectors:

Automotive Sector: The automotive sector has seen a surge in investment, with major global players setting up manufacturing facilities in India. This has led to increased employment opportunities and export potential.
Electronics Manufacturing: The electronics manufacturing sector has witnessed rapid growth, with several companies setting up production units in India. This has reduced the country’s dependence on imports and created job opportunities.
Renewable Energy: The renewable energy sector has seen significant growth, with India emerging as a global leader in solar and wind power generation. The Make in India scheme has attracted investments in this sector.
Pharmaceuticals: The pharmaceuticals sector has benefited from the Make in India scheme, with increased investment in research and development, and the production of generic drug

How does the Make in India initiative support small and medium enterprises (SMEs)

Make in India: A Mission to Empower Domestic Manufacturing

The Make in India initiative supports small and medium enterprises (SMEs) in several ways:

Ease of Doing Business: The government has taken steps to simplify business regulations, reduce bureaucratic red tape, and streamline approval processes for SMEs. This includes measures such as online filing of returns, rationalization of the regulatory environment, and increasing the validity of industrial licenses.
Access to Finance: The government has launched initiatives to improve SMEs’ access to finance, such as the Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGMSE). This scheme provides collateral-free credit to SMEs, making it easier for them to obtain loans and invest in their businesses.
Skill Development: The Make in India initiative includes a focus on skill development, which benefits SMEs by providing them with a skilled workforce. The government has launched programs such as the National Skill Development Mission to train and upskill workers, ensuring a steady supply of skilled labor for SMEs.
Technology Upgradation: The government provides support to SMEs for technology upgradation through schemes such as the Technology Upgradation and Management Consultancy Scheme (TUMS). This scheme helps SMEs adopt new technologies and improve their productivity and competitiveness.
Market Access: The Make in India initiative aims to promote Indian products in the global market, which benefits SMEs by providing them with new market opportunities. The government organizes events, summits, and road shows to showcase Indian products and attract foreign buyers.
Cluster Development: The government supports the development of industrial clusters, which benefit SMEs by providing them with shared infrastructure, common facilities, and access to support services. This helps SMEs reduce costs and improve their efficiency.
Intellectual Property Protection: The government has taken steps to protect intellectual property rights, which benefits SMEs by ensuring that their innovations and products are protected from imitation and infringement.

Overall, the Make in India initiative provides a supportive ecosystem for SMEs, making it easier for them to start and grow their businesses, access finance, upgrade their technology, and participate in the global market.

success stories of SMEs thriving due to the Make in India initiative

there are several success stories of small and medium enterprises (SMEs) thriving due to the Make in India initiative:

Bharat Forge: Bharat Forge, a Pune-based company led by Baba Kalyani, is an example of an SME that has successfully ventured beyond national borders. The company has leveraged the Make in India initiative to boost its manufacturing capabilities and expand its global footprint.
Zoho Corporation: Founded by Sridhar Vembu in 1996, Zoho started as a small company providing software solutions. By breaking away from conventional business practices and creating a suite of cloud-based applications, Zoho has disrupted the market and now boasts a global presence.
Xiaomi: The Chinese smartphone maker Xiaomi debuted the Redmi 2 Prime in India, its first product assembled in the country. This move was in line with the Make in India initiative, which aims to promote domestic manufacturing.
Harbin Electric: Chinese company Harbin Electric has expressed interest in taking advantage of the Make in India initiative to bring more light to India.
Swedish Companies: Swedish companies such as Tetrapak, Scania, Ericsson, and Volvo India have committed to successfully participating in Make in India and strengthening their decade-old relationship with the Indian manufacturing sector.

These success stories demonstrate how SMEs are leveraging the Make in India initiative to boost their manufacturing capabilities, attract investments, and expand their global footprint. The initiative has created a supportive ecosystem for SMEs, making it easier for them to start and grow their businesses, access finance, upgrade their technology, and participate in the global market.

However, the initiative also faces challenges, such as bureaucratic hurdles, complex regulatory processes, skill gaps, and a complex tax system. Addressing these challenges and providing targeted support to SMEs will be crucial for the continued success of the Make in India initiative.

How does the Make in India scheme assist foreign investors?

The Make in India scheme assists foreign investors in several ways:

Ease of Doing Business: The government has taken steps to simplify business regulations, reduce bureaucratic red tape, and streamline approval processes, making it easier for foreign companies to set up operations in India.
FDI Reforms: The scheme allows for increased foreign direct investment (FDI) in various sectors, making it easier for foreign companies to invest in India. The government has eased FDI requirements in 26 sectors and allows more investment under the automatic route, which does not require pre-approval by the government.
Incentive Schemes: The government has launched several incentive schemes to support the Make in India program, such as the Production Linked Incentive (PLI) scheme. The PLI scheme offers incentives to domestic manufacturing in strategic growth sectors where India has a comparative advantage, aiming to boost domestic production, strengthen supply chains, and improve competitiveness.
Skill Development: The government has launched the National Skill Development Mission to train and upskill the workforce, ensuring a steady supply of skilled labor for the manufacturing sector, which benefits foreign investors looking to set up operations in India.
Infrastructure Development: Significant investments are being made in infrastructure projects such as roads, railways, ports, and power generation to support the growth of the manufacturing sector, providing a conducive environment for foreign investors.
Tax Incentives: The government offers various tax incentives and exemptions to encourage companies to invest in the manufacturing sector, making India an attractive destination for foreign investment.
Targeted Sectors: The Make in India scheme covers 25 key sectors, including automobiles, aviation, chemicals, defense manufacturing, electronics, food processing, pharmaceuticals, and renewable energy, providing opportunities for foreign investors to invest in high-potential sectors.

Overall, the Make in India scheme has made significant efforts to create a favorable environment for foreign investors, streamlining processes, offering incentives, and investing in infrastructure to attract investment and boost the manufacturing sector in India.

How has the Make in India scheme changed the regulatory environment for foreign investors?

The Make in India scheme has significantly changed the regulatory environment for foreign investors in several ways:

Increased FDI Limits: The government has eased FDI requirements in 26 sectors, allowing more investment under the automatic route, which does not require pre-approval by the government. This has made it easier for foreign companies to invest in India through FDI.
Ease of Doing Business: The government has taken steps to simplify business regulations, reduce bureaucratic red tape, and streamline approval processes, making it easier for foreign companies to set up operations in India. India has improved its ranking in the World Bank’s Ease of Doing Business index from 142 in 2014 to 63 in 2020.
Incentive Schemes: The government has launched several incentive schemes to support the Make in India program, such as the Production Linked Incentive (PLI) scheme. The PLI scheme offers incentives to domestic manufacturing in strategic growth sectors where India has a comparative advantage, aiming to boost domestic production, strengthen supply chains, and improve competitiveness.
Targeted Sectors: The Make in India scheme covers 25 key sectors, including automobiles, aviation, chemicals, defense manufacturing, electronics, food processing, pharmaceuticals, and renewable energy, providing opportunities for foreign investors to invest in high-potential sectors.
Infrastructure Development: Significant investments are being made in infrastructure projects such as roads, railways, ports, and power generation to support the growth of the manufacturing sector, providing a conducive environment for foreign investors.
Skill Development: The government has launched the National Skill Development Mission to train and upskill the workforce, ensuring a steady supply of skilled labor for the manufacturing sector, which benefits foreign investors looking to set up operations in India

What role does the Foreign Contribution Regulation Act (FCRA) play in the Make in India scheme?

The Foreign Contribution Regulation Act (FCRA) does not directly impact the Make in India scheme, as the two are separate government initiatives with different objectives.

The Make in India scheme, launched in 2014, aims to transform India into a global manufacturing hub by attracting foreign investment, boosting domestic manufacturing, and creating jobs. It focuses on 25 key sectors, including automobiles, aviation, chemicals, defense manufacturing, electronics, food processing, pharmaceuticals, and renewable energy.

On the other hand, the FCRA, originally enacted in 1976 and significantly amended in 2010 and 2020, regulates foreign contributions (especially monetary donations) provided to certain individuals or associations within India. It aims to prevent foreign organizations from influencing India’s electoral politics, social, political, economic, or religious discussions for wrong purposes and activities detrimental to the public interest.

The FCRA falls under the purview of the Ministry of Home Affairs (MHA), while the Make in India scheme is coordinated by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry.

While the FCRA does not directly impact the Make in India scheme, it can potentially affect the funding of non-governmental organizations (NGOs) and other entities engaged in activities related to the scheme’s focus sectors, such as education, skill development, and infrastructure development. However, this impact would be indirect and dependent on the specific circumstances of each case.

The FCRA and the Make in India scheme are separate government initiatives with distinct objectives and implementing agencies. The FCRA primarily focuses on regulating foreign contributions to prevent their misuse, while the Make in India scheme aims to boost manufacturing and attract foreign investment.

Are there any exceptions to FCRA rules for projects under the Make in India scheme?

there do not appear to be any direct exceptions to the Foreign Contribution Regulation Act (FCRA) rules for projects under the Make in India scheme.

The search results indicate that the FCRA falls under the purview of the Ministry of Home Affairs (MHA), while the Make in India scheme is coordinated by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry.

In summary, the search results do not indicate any exceptions to FCRA rules for projects under the Make in India scheme. The two initiatives have distinct objectives and implementing agencies, and the FCRA’s impact on the Make in India scheme would be indirect and case-specific.

What are the main objectives of the Production Linked Incentive (PLI) Scheme?

The main objectives of the Production Linked Incentive (PLI) Scheme in India are:

Boosting Domestic Manufacturing: The PLI scheme aims to boost domestic manufacturing in key sectors by providing financial incentives to companies on incremental sales from products manufactured in India. This helps promote the production of goods within the country.
Reducing Import Dependence: By supporting domestic production, the PLI scheme aims to reduce India’s dependence on imports from other countries, improving self-reliance and reducing trade deficits.
Attracting Foreign Investment: The scheme aims to attract foreign companies to set up their manufacturing units in India by offering incentives, promoting technology transfer, and increasing foreign direct investment.
Creating Employment Opportunities: The PLI scheme focuses on labor-intensive sectors, leading to increased job opportunities and reduced unemployment rates in the country.
Improving Export Competitiveness: The scheme encourages export-oriented production, leading to increased competitiveness in the international market and boosting India’s exports.
Promoting Innovation and Technology: To be eligible for incentives, companies need to adopt advanced technology and practices, driving innovation and efficiency improvements.
Supporting Key Sectors: PLI schemes target specific industries that are crucial for economic growth, technological advancement, and strategic importance.
Integrating into Global Supply Chains: By attracting foreign companies and encouraging domestic production, the scheme helps integrate India into the global supply chain, making it a more attractive destination for trade and investment.

Overall, the PLI scheme aims to transform India into a global manufacturing hub by boosting domestic production, reducing import dependence, attracting investments, creating jobs, and improving export competitiveness in key sectors of the economy.

How does the PLI Scheme promote technological advancement in India?

The Production Linked Incentive (PLI) Scheme promotes technological advancement in India in several ways:

Incentivizing Adoption of Advanced Technologies: The PLI scheme provides financial incentives to companies that adopt cutting-edge technologies in their manufacturing processes. This encourages businesses to invest in state-of-the-art equipment and processes, leading to improved efficiency, productivity, and product quality.
Attracting Foreign Investment: The PLI scheme aims to attract foreign companies to set up their manufacturing units in India. These companies often bring with them advanced technologies, expertise, and best practices. This technology transfer helps upgrade India’s manufacturing capabilities and boosts innovation.
Promoting Research and Development: To be eligible for PLI incentives, companies need to invest in research and development (R&D) to develop new products or improve existing ones. This drives innovation and fosters a culture of continuous improvement in the manufacturing sector.
Developing Domestic Supply Chains: The PLI scheme incentivizes the development of local supply chains, which can lead to the emergence of new downstream industries and the introduction of new technologies. As domestic manufacturing capabilities grow, India can move up the value chain and produce more sophisticated products.
Creating Economies of Scale: By incentivizing large-scale manufacturing, the PLI scheme aims to create economies of scale. This allows companies to invest in advanced technologies that may not be feasible at smaller scales, leading to improved productivity and competitiveness.
Boosting Exports: The PLI scheme encourages export-oriented production, which exposes Indian manufacturers to global competition and best practices. This helps drive technological upgradation and fosters a culture of continuous improvement.

Overall, the PLI scheme is a strategic initiative that aims to transform India into a global manufacturing hub by promoting investment, fostering innovation, and enhancing technological capabilities across key sectors of the economy.

How does the PLI Scheme impact consumer prices in India?

The Production Linked Incentive (PLI) Scheme has the potential to impact consumer prices in India in the following ways:

Reduced Prices of Domestically Produced Goods: As the PLI scheme incentivizes increased domestic manufacturing, it can lead to greater efficiency and economies of scale. This could result in lower production costs for companies, which may be passed on to consumers in the form of reduced prices for domestically manufactured goods.
Import Substitution: By boosting domestic manufacturing, the PLI scheme aims to reduce India’s reliance on imported goods. As the supply of domestically produced alternatives increases, it can put downward pressure on prices, as consumers have more options to choose from.
Increased Competition: The PLI scheme encourages more companies to invest in domestic manufacturing. This increased competition can drive innovation, efficiency, and cost optimization, ultimately benefiting consumers through lower prices and better quality products.
Reduced Logistics and Distribution Costs: Domestic manufacturing can lead to shorter supply chains and reduced logistics and distribution costs. These savings can be passed on to consumers in the form of lower prices for domestically produced goods.

However, it’s important to note that the impact of the PLI scheme on consumer prices may vary across different sectors and products. The extent of price reduction will depend on factors such as the level of incentives, the competitiveness of the market, and the pricing strategies of individual companies.

Additionally, the PLI scheme is a long-term initiative, and its full impact on consumer prices may take time to materialize. While the scheme has the potential to lower prices in the long run, it may not have an immediate effect on consumer prices in the short term.

Challenges and the Road Ahead

While the Make in India scheme has achieved notable success, it also faces several challenges:

Infrastructure Bottlenecks: Despite significant investments, India still faces challenges in terms of infrastructure development, such as poor road connectivity, inadequate power supply, and limited access to water.
Skill Gap: The country faces a skill gap, with a shortage of skilled labor in certain sectors. The government’s efforts to address this through skill development initiatives are ongoing.
Bureaucratic Hurdles: Despite efforts to simplify business regulations, bureaucratic hurdles and red tape continue to pose challenges for companies looking to invest in India.
Global Competition: India faces stiff competition from other manufacturing hubs such as China, Vietnam, and Thailand, which offer lower labor costs and more streamlined business processes

Despite these challenges, the Make in India scheme presents significant opportunities for growth and development:

Demographic Dividend: India has a large and young workforce, which can be a significant advantage for the manufacturing sector.
Domestic Market: India’s large domestic market offers immense growth potential, with a rising middle class and increasing consumer spending.
Global Supply Chain: The scheme aims to position India as a key player in the global supply chain, attracting investments from multinational companies looking to diversify their manufacturing base

Make in India: FAQs

What is the main objective of Make in India?

The primary objective of Make in India is to transform India into a global manufacturing hub, attracting investment, generating jobs, and boosting the nation’s share in global exports.

What are the 25 focus sectors under Make in India?

The initiative prioritizes 25 key sectors, encompassing a broad spectrum of industries, from automobiles and aviation to pharmaceuticals and renewable energy.

How has Make in India impacted the Indian economy?

Make in India has demonstrably contributed to increased FDI inflows, job creation in the manufacturing sector, and a rise in exports.

What are the challenges faced by Make in India?

The program faces challenges like bridging the skilled workforce gap, streamlining infrastructure development, efficient land acquisition, and navigating global competition.

Conclusion

Make in India represents a paradigm shift for the Indian economy, with the long-term vision of establishing the nation as a manufacturing powerhouse. While challenges persist, the initiative’s impact on attracting investments, fostering innovation, and generating employment is undeniable. By addressing existing hurdles and capitalizing on its strengths, Make in India has the potential to propel India’s economic growth trajectory and reshape its position in the global manufacturing landscape.