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Accelerating the India Growth Story

Accelerating the India Growth Story

India’s manufacturing sector is experiencing significant growth, signifying economic resilience. The HSBC final India Manufacturing Purchasing Managers’ Index (PMI) rose to 58.3 in June, up from 57.5 in May, indicating strong growth. Consequently, this led to the fastest rate of hiring in over 19 years as manufacturers emphasized meeting growing workloads. Further instilling confidence is the consistent growth of the output and new order sub-indexes for three years, while international demand remains above the long-term average.

As per the National Statistical Office, 8.2% GDP growth is projected for 2023-24. The Government’s proactive measures have played a defining role in this growth story. These include allowing 100% FDI under the automatic route in most sectors, implementing a US$ 1.3 trillion National Infrastructure Pipeline, and introducing Production Linked Incentives (PLI). The corporate tax rate, now at 17%, is the lowest in Southeast Asia, further boosting India’s attractiveness for investments.

India is slated to be sixth globally with US$ 70 billion in FDI inflows (FY 2022- 23), 55% rise in FDI inflows in manufacturing (2014-2023), and 2X FDI inflows from FY 2013-14 to FY 2022-23. Presently, the country is seen as a preferred location for investing in R&D centers. The engineering R&D outsourcing sector also accounts for 30% of the overall global ER&D outsourcing market.

Opportunities Galore in Opportune Time
With India making significant strides forward globally, this is a perfect time for Hyderabad International Trade Expositions Ltd to host the eighth edition of its flagship trade show, Hyderabad International Machine Tool & Engineering Expo (HIMTEX), at HITEX Exhibition Centre from August 16-19, 2024.

The show is all set to serve as an apt platform for bringing together stakeholders from myriad industry sectors, including machine tools, general engineering, robotics, automation, smart manufacturing, cutting tools, metal forming, and many more. Continuing its legacy, the upcoming HIMTEX 2024 will once again contribute towards transforming the manufacturing capabilities of Telangana as well as the neighboring regions.

Do not forget to register for a seamless experience at the show: https://dev.sarcon.tech/e/484/microsite/2755