India is moving towards becoming a global manufacturing hub, lakhs of youth will get jobs in these sectors.
India is rapidly moving towards becoming the manufacturing hub of the world. This information has been given in a report by global financial firm Lazard. In the report titled ‘Outlook for Emerging Markets’, the global firm has said that India has a strong demographic dividend and the high number of youth will benefit the country’s economy and help India grow by 2060. With India becoming a manufacturing hub, lakhs of youth will get jobs. Let us tell you that manufacturing activities are increasing in many industries including electronics, automotive, textiles and pharmaceuticals in India, as more and more international companies and multinational companies are turning to India for their expansion.
Young population will also benefit
It has been explained in detail in the report that more than 80 percent of the country’s population is below 50 years of age and due to increase in income, more money is coming into the hands of the middle class. For this reason we believe that the country will progress rapidly by 2060. Let us tell you, at present India is the fastest growing economy in the world. India’s GDP growth rate in the financial year 2023-24 was 8.2 percent. In his first two terms, Prime Minister Narendra Modi has worked to stabilize India’s economy on a large scale. It has also connected crores of people to the digital economy and implemented many tax reforms.
Emphasis on manufacturing in 2024-25 also
The report further said that the resolve to make India a developed nation by 2047 is going to be a big factor in the third term of the Modi government. India is making a lot of efforts to strengthen its manufacturing sector, a glimpse of which was also visible in the Budget 2024-25. The Finance Minister has given special attention to the manufacturing units of the MSME sector. To support manufacturing, the government has increased the limit of ‘Mudra Loan’ from Rs 10 lakh to Rs 20 lakh. At the same time, the government will provide financial assistance for setting up 50 multi-product food irradiation units in the MSME sector.
