The Indian economy is the 5th largest growing economy in the world with a nominal GDP of 3.8 trillion dollars in 2022, holding a 3.5 per cent share of the global GDP. Although the Indian economy has slowed down as a result of high inflation and the weariness of the post-Covid boost, the World Bank recently increased its FY23 projections for India’s GDP growth to 6.9% from 6.5%, claiming that the country’s economy has been demonstrating greater resilience to global shocks.

While the world has gone through many ups and downs in the past decade, the Indian economy has stood the test of time by overcoming various challenges by sticking to the principle of self-reliance and mutual interdependence. This spirit of self-reliance traces its root back to 2014 when the ruling Modi government leapt forward to implement this principle in practice. 

Make in India was that one major initiative that entirely emphasised the principle of self-reliant India.  

What Was The Primary Objective Behind Launching Make in India?

Back in 2014, on September 25, the Indian government launched the Make in India initiative to transform India into a global manufacturing hub and boost investment, innovation, and skill development. This initiative’s main goal was to fuel up India’s manufacturing industry by luring in investments from all over the world.

Being led by the Ministry of Commerce and Industry, Government of India, Department for Promotion of Industry and Internal Trade (DPIIT), Make in India focused on 25 major sectors, namely automobiles and auto parts, aviation, biotechnology, chemicals, building and construction, defence industry manufacturing, electrical and electronic equipment, food processing, IT & BPM, leather, media and entertainment, mining, oil and gas, pharmaceuticals, ports and shipping, railroads, renewable energy, roads and highways, space, textile and apparel, thermal power, tourism, hospitality, and wellness.

While many manufacturing units have been inaugurated in India in the meantime, various other sectors proposed under Make in India initiative are still under-development. Due to the launch of multiple initiatives under many sectors, poor investment, demonetization, poor implementation of GST, and so on, this initiative has failed in achieving its proposed objectives.

Though the government launched several infrastructure projects for enhancing connectivity across the country,  Indian manufacturers and sellers still face a major challenge in the shipping and logistics process. Even many startups in the business consider shipping and logistics as a tiring and complex process, which demands a competent global shipping partner like NimbusPost. 

Scope of Make-in-India Products in the Global Markets

While the Make in India initiative has faced many setbacks, made-in-India goods hold a lot of importance in the global markets. Although China is the largest manufacturing power in the world, making up 28.9% of total global manufacturing output, India is the most reliable market for many businesses, with a diverse workforce and affordable resources.

Let’s look at some of the highly demanding made-in-India products in the international markets:

1. Biotechnology and pharmaceuticals

India, being the world leader in vaccine manufacturing, fulfils 50% of the world vaccine requirement for several immunisation programs. Indian pharma manufacturers frequently have access to inexpensive supplies of necessary medications. 

Based in Pune, the Serum Institute of India is the world’s largest vaccine manufacturer, having produced the highest volume of doses. India has not only aided the world during the global pandemic but also fulfilled severe vaccine shortages in developed and developing nations. 

2. Leather Products

India is the fourth-largest producer and the second-largest exporter of leather in the world. The USA, Germany, the UK, Italy, France, Spain, the Netherlands, the United Arab Emirates, China, Hong Kong, Belgium, and Poland are the biggest markets for Indian leather and footwear products.

3. Automobile Accessories 

India is the world’s largest tractor maker, second largest bus manufacturer, and third largest producer of heavy trucks, giving it a significant position in the market for heavy vehicles. In FY22, 22.93 million automobiles were produced annually in India.

4. Textiles

India exported $44.4 billion worth of textiles and apparel (including handicrafts) in FY22, a 41% increase. India is the largest cotton producer in the world and the demand for hand-woven and hand-spun cotton has been extremely high in global markets for centuries. The Indian apparel industry is projected to grow by US$ 190 billion by the end of 2025-26.

Impact of Choosing The Right Shipping Partner When Selling Online 

While the Indian startup landscape is witnessing a major boom recently, newbies in the e-commerce businesses are facing challenges when finding the right shipping service provider for their online business. These startups are not only willing to expand their innovative business ideas in India, but also abroad, for which they require a reliable international shipping company which has a year of expertise in the industry.

NimbusPost is a tech-based shipping aggregator which is catering to the needs of small, medium, and large-scale enterprises in India with its cost-effective services in three major domains- domestic, international shipping, and warehouse fulfilment. NimbusPost facilitates its services across 29,000+ pin codes in India, with its global shipping covering about 196 countries.

The best part about the company is its affordable international courier charges and multiple courier partner integration for sellers. Their user-friendly dashboard, shipping insurance, hassle-free documentation, etc., are some of the effective features they offer.

A good global shipping partner can not only handle everything starting from warehousing and distribution of your goods but also supervises the entire supply chain management. No matter where your business is located or where you intend to sell your merchandise, a competent shipping partner can help your brand reach every nook and corner.

Conclusion

The surging demand for Indian goods in the global markets can only be fulfilled by robust supply chain management and that requires skilled and competent global shipping and logistics companies to lead from the front. India can only embark on the journey of becoming a global manufacturing power with a resilient shipping and logistics industry with consistent growth over time.