Whalesbook
Dekho, abhi jo global manufacturing ka scene hai na, wohi badal raha hai. Pehle companies bas efficiency dekhti thi, supply chain ko ekdum complex bana rakha tha. Par abhi jo global issues chal rahe hain - jaise pandemic, ladaiyan, trade mein rukavat - isse pata chala ki yeh chains kitni fragile hain. Kuch reports toh keh rahi hain ki is se global GDP mein 7% tak ka nuksan ho sakta hai. Ab companies aur governments supply chain ko sirf paisa bachane ka zariya nahi, balki ek strategic asset maan rahe hain. Iska matlab hai, jahan stability aur bada scale milega, wahan zyada fayda. Aur India, apni taakat aur policies ke saath, is badlav mein ekdum fit baith raha hai.
India manufacturing ke liye ek bada hub kyun ban raha hai? Iske peeche chaar bade reasons hain. Pehla, hamara bada domestic market. Jab aapke paas itne log hain, toh aap export se pehle hi bade scale pe production kar sakte ho. Dusra, hamari workforce young hai aur badh rahi hai, duniya ke kai deshon ki tarah budhi nahi ho rahi. Teesra, hamari stable democracy aur predictable legal system investors ko risk kam karne mein help karti hai. Aur chautha, hamare Free Trade Agreements (FTAs) badh rahe hain, jaise Australia aur UAE ke saath naye deals, aur US ke saath bhi baat chal rahi hai. Isse humein bade global markets mein access milta hai.
Electronics sector toh ekdum udan chhoo hai! Mobile phone manufacturing ki value hi ₹189 billion (2014-15) se badh kar ₹5.5 trillion (2024-25) hone ka andaza hai. Smartphone exports bhi double ho gaye hain, lagbhag $30 billion FY 2024-25 mein. Apple aur Samsung jaise bade brands India mein apna kaam badha rahe hain. Yeh sab ho raha hai Production Linked Incentive (PLI) scheme ki wajah se. Yeh scheme 14 sectors mein chal rahi hai, jismein pharma se lekar auto parts tak sab shamil hain. Iska funda simple hai: jitna zyada production, utna zyada incentive. Early 2026 tak, PLI schemes se ₹20.4 trillion se zyada ka production aur sales ho chuka hai, jo targets se bhi zyada hai!
Abhi comparison ki baat karein toh, India ka scale kamaal ka hai. Par competitors bhi hain. Jaise Vietnam, woh electronics assembly mein kaafi efficient hai. Vietnam ke industrial P/E ratios India ke Nifty Manufacturing Index P/E (around 25-26) se kam hote hain. Lekin phir bhi, India ka overall manufacturing sector $2.47 trillion tak pahunchne wala hai 2031 tak, jismein electronics 13.46% annually grow kar raha hai. Manufacturing mein FDI bhi bahut badha hai, pichle dashak mein $165.1 billion. India ka export growth bhi kai badi economies se behtar raha hai, global export share 6.3% badha hai 2010 se 2023 tak. Haan, logistics costs (14-15% of GDP) abhi bhi thode zyada hain, par infrastructure sudhar se yeh bhi kam ho rahe hain.
Par sab kuch ekdam rose garden nahi hai. India ki growth mein kuch challenges bhi hain. Jaise execution mein gaps aur complicated bureaucracy. Isse hum poori tarah se global demand ka fayda nahi utha pa rahe. Vietnam jaise competitors ke paas assembly aur worker retention mein fayde hain, jahan India ko improve karna hoga. Regulatory processes ko aasan banana bhi ek challenge hai, jabki Vietnam mein 'single-window' system hai. India ki import duties bhi kabhi kabhi competitiveness ko affect karti hain. PLI schemes ka success policy stability par depend karta hai. Aur haan, upstream manufacturing capabilities, jaise solar sector mein, ko bhi tezi se develop karne ki zarurat hai taaki imports pe nirbharta kam ho.
Future ki baat karein toh, India ka manufacturing sector tabhi chamkega jab hum execution speed badhayenge aur global value chains mein aur zyada integrate honge. Trade deals ka expand hona aur PLI 2.0 jaise programs govt ka intent dikha rahe hain. Global geopolitical instability stable supply chain partners ki zarurat ko aur badha rahi hai. Agar India apne manufacturing ko badha sakta hai, logistics improve kar sakta hai, aur policy stability maintain kar sakta hai, toh yeh globalization ke next phase mein ekdum 'top player' ban sakta hai!