Economic Growth News

"India's Manufacturing Boost Propels GDP Growth to 8% Amid Semiconductor and Auto Component Plans"

India's Union Minister for Railways, Communications, Electronics and Information Technology, Ashwini Vaishnaw, predicts up to 8% annual GDP growth for several years as the country focuses on boosting its manufacturing capabilities, particularly in electronics, pharmaceuticals, chemicals, and defense. The government's interim budget earmarked a significant increase in capital expenditure, and India's "Make in India" initiative is encouraging companies to manufacture and assemble goods within the country. Stronger U.S.-India ties and the "China plus one" strategy are positioning India as an attractive alternative for global supply chains, with major investments and plans from companies like Apple, Samsung, Maruti Suzuki, and VinFast.