By Hong Ju Jeon
For a country that broke through the shackles of foreign rule 77 years ago, India has achieved much more than one would have thought of, especially given the diversity of its geography and demography. For a country that was left grappling with lack of resources, India today has emerged as an example of resilience that led to self-sufficiency. A vibrant and young population, aptly supported by a proactive and relevant policy-making has enabled the country to build a base for itself, where it cannot just serve its own consumer base but also cater to the needs of the world.
From home-grown industrial giants, who are today known for their prowess to global corporations, including us, that have reposed faith in the strengths, capabilities, and vibrancy of this great democracy, the success achieved is a testimony of the right decision made to be here and build capabilities.
India: Future of the globe
India has emerged as one of the fastest-growing countries for global corporations. As a global manufacturing and innovation hub, it now leads the vision of “Make in India” solidifying its role as a key driver of multinational operations. A sustained cycle of robust economic growth and resilience has enabled India to navigate global disruptions successfully over the years. India’s unique blend of economic resilience, innovative ecosystems, and favourable demographics makes it an ideal gateway for global corporations. By leveraging its opportunities for growth and innovation, businesses can drive global success while contributing to India’s development. India is not just a gateway but a cornerstone for achieving sustainable, scalable growth on the world stage.
Factors driving growth
Policy push: Global experience shows that a strong manufacturing industry is a prerequisite for a developed economy. In this context, the 2025 Union Budget presented a significant opportunity for India to lay a comprehensive framework that, if implemented, could catalyse India’s growing domestic manufacturing sector into a global manufacturing hub. The National Manufacturing Mission announced by finance minister Nirmala Sitharaman in her Budget speech promises to give more teeth to India’s push towards realising its manufacturing ambitions. The proposed mission will enable this to cover the entire gamut of manufacturing enterprises — across small, medium, and large industries — and will focus on five key areas: ease and cost of doing business; future ready workforce for in-demand jobs; a vibrant and dynamic micro, small, and medium enterprise sector; availability of technology; and quality products.
Technological advancements: India’s journey to becoming a global manufacturing hub is powered by its ability to embrace technological advancements. Innovations like Industry 4.0, artificial intelligence, Internet of Things, and robotics are transforming production processes, improving efficiency, and ensuring precision. By leveraging these cutting-edge technologies, Indian industries are not only meeting global standards but also gaining a competitive edge in international markets, making the nation an attractive destination for manufacturing investments.
Upskilling talent: India’s vast talent pool is a key enabler of its manufacturing ambitions. With a demographic dividend that includes a large and young working-age population, the country offers a skilled and cost-effective labour force. Government initiatives at skilling the workforce enables them to scale up to the next level of excellence — something that corporations across the globe look for and value. Our own experience in India has been very encouraging and that is visible in the unwavering commitment that we have made to this country over the years of our presence here.
Infrastructure development: The government’s proactive approach to infrastructure development is another crucial factor that helps corporations, small and large, to fulfil their commitment to delivering the right products at the right time and at the right price points to the vast consumer base here. Various projects like Gati Shakti which aim to strengthen logistics and connectivity, enabling smoother operations for manufacturers, are an encouragement to not only look at serving the Indian consumer but also beyond through exports.
The country aims to grow from the fifth largest to the third largest economy by 2027, surpassing Japan and Germany. Global corporations with manufacturing bases here need to proactively develop strategies that can help them benefit from this ambitious target that the country has set for itself. It not only paves the way for the economic development of the country towards becoming a developed nation by 2047, but also sets the tone for the corporations themselves to becoming global powerhouses of manufacturing with a stable and robust base capable of serving the world.
The writer is managing director, LG Electronics in India.
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