Make in India Vision Propels Manufacturing Sector To New Heights; Now, Boeing To Invest Billions of Dollars In India
Manufacturing sector has been witnessing negative growth in India, but things are slowly but gradually changing for good.
PM Modi’s Make in India initiative is actually propelling this struggling sector, as the growth curve is now pointing towards a new beginning.
In the month of January, Indian manufacturing sector achieved a 4-month high, which was going down steadily since last one year. Nikkei India Manufacturing Purchasing Managers’ Index (PMI) posted a reading for 5.1 for the month of January, which indicates that the sector is expanding.
In fact, the data pertaining to incoming new export business has risen to 28 month high, which is a big positive indicator for the industry.
After several International corporations pledged to start their manufacturing units in India, the sector is now witnessing a spurt of growth in all types of goods.
The biggest jump has been witnessed in consumer goods, as both output and new orders increased. This can be the result of new manufacturing units kicked off by leading phone manufacturers such as Samsung, Foxconn, LG, Motorola, Lenovo and others. Besides, conglomerates such as Ford, SoftBank, Toyota and other heavy investors are planning to launch their own manufacturing units very soon.
Production of intermediate goods also witnessed substantial growth in January; however, investment goods witnessed slight bump in production.
Last month, India exported 450 metro coaches to Australia, which were ‘Make in India’. The first shipment left Mumbai port on January 29th, which were manufactured at Baroda, Gujarat.
Stronger manufacturing index directly impacts the performance of stock market, which in turn will observe the trends closely.
Boeing To Manufacture Fighter Jets in India
Meanwhile, reports have emerged that Boeing may invest ‘billions of dollars’ in India under Make in India campaign. They are all set to manufacture their 5th generation of fighter jets: Super Hornets inside India.
Dennis Muilenburg, president and CEO of The Boeing Company said, “We (Boeing and Lockheed Martin) jointly develop the F22 Raptor. Subject to all government-to-government agreements, that is an area of future investment for which we are interested in,”
F/A-18 Super Hornet from Boeing is a twin-engine, supersonic, jet fighter designed to fly under all weather with multirole control features which is capable of landing and taking off from an aircraft carrier.
Talks are on with Government officials, and something concrete may come out soon.
Muilenburg said, “I would not say there is an official offer. This is a conversation we are having with interested parties right now,”
Here are major highlights of Make in India vision:
31. Boeing To Invest Billions of Dollars in India; Manufacturing Sector Expands