The Union Budget 2024-25 Set to Boost Domestic Manufacturing Further
Dear Readers,
Greetings from the Mobility Magazine!
Union Budget 2024-25 is set to reshape the Indian economy, and lay a solid foun[1]dation for a more prosperous and sustainable future in manufacturing. Speaking during her budget speech, FM Sitharaman said that with a threefold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile industry has matured.
With the government’s proposal of incentives amounting to ₹40,000-45,000 crore, either through direct financial incentives or the Production Linked Incentive (PLI) scheme, domestic manufacturing is set get a boost, making India an even more attractive destination for global players in the mobile and electronics sectors.
At the state level, this month’s focus is on Gujarat which ranks third in attracting FDI in the manufacturing sector, garnering an inflow of over $34 billion. This signifies the state’s appeal to international investors. The central government’s focus on improving the FDI policy through reforms and attractive schemes like PLI, coupled with state-specific advantages like Gujarat’s infrastructure and pro-business approach, has created a win-win situation for both investors and the local economy.
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