The contribution of manufacturing to India's GDP stood at 15.73 units in 2023, reflecting a slight decreasing trend from 16.53 units in 2013. The year-over-year percentage variation for the past two years shows a decline of approximately 0.63% from 2022 to 2023. Analyzing the average annual variation over the last five years, the forecasted CAGR indicates a decrease of 0.53%, leading to a forecasted growth rate of -2.62% by 2028. This consistent downward trend over the past decade signals a need for strategic initiatives to bolster the manufacturing sector.
Future trends to watch for include advancements in technology adoption, changes in trade policies, and the impact of global supply chain disruptions. Emphasis on sustainability and green manufacturing practices could also play pivotal roles in shaping the sector's contribution to GDP.
