India's industrial story is no longer a whisper of potential but a roaring engine of global growth, powered by manufacturing's surge to a $451 billion output, a 9.9% GVA jump in early FY25, and record exports of $102 billion, while its vast IT sector, a $254 billion behemoth commanding over half of global outsourcing, and its pharmaceutical industry, supplier of 20% of the world's generics, together create an unstoppable and diversified economic force.
Key Takeaways
- In FY23, India's manufacturing sector index stood at 144.1 (2011-12=100), reflecting a growth of 5.2% over FY22
- The Index of Industrial Production (IIP) for manufacturing in December 2023 grew by 3.2% compared to December 2022
- India's manufacturing output reached USD 451 billion in FY23, accounting for 17% of GDP
- India's IT industry revenue reached USD 254 billion in FY24, growing 8.2% YoY
- IT exports from India were USD 199 billion in FY24
- The Indian IT-BPM industry employed 5.4 million people in FY24
- India's pharmaceutical market size was USD 50 billion in FY24, growing 12% YoY
- India exported pharmaceuticals worth USD 27.85 billion in FY24
- Generic drugs account for 20% of global supply from India in 2024
- India's passenger vehicle sales reached 4.1 million units in FY24, growing 8.9% YoY
- Two-wheeler production in India was 19.5 million units in FY24
- Commercial vehicle sales grew 6.9% to 962,000 units in FY24
- India's crude steel production reached 144.4 MT in FY24
- Installed power capacity in India was 446 GW as of August 2024
- Renewable energy capacity hit 150 GW by June 2024
India's manufacturing and IT sectors show robust growth and strong economic contribution.
Automotive
- India's passenger vehicle sales reached 4.1 million units in FY24, growing 8.9% YoY
- Two-wheeler production in India was 19.5 million units in FY24
- Commercial vehicle sales grew 6.9% to 962,000 units in FY24
- India's auto exports reached 4.6 million units in FY24, valued at USD 24 billion
- EV sales in India surged 50% to 1.5 million units in CY2024
- Auto components turnover hit USD 74 billion in FY24
- Tractor production was 9.8 lakh units in FY24
- Three-wheeler sales reached 5.9 lakh units in FY24, up 16%
- India's auto industry employs 37 million people directly and indirectly in 2024
- PLI scheme for auto sector: INR 25,938 crore incentive outlay over 5 years
- Two-wheeler exports 3.5 million units in FY24
- Passenger car production 4.2 million units in FY24
- CV exports 85,000 units in FY24
- Auto FDI inflows USD 35 billion since 2000
- EV two-wheeler market share 5% of total two-wheelers in FY24
- Tyre production capacity 1,800 TPD in India 2024
- Battery manufacturing capacity for EVs to reach 100 GWh by 2030
- Luxury car sales grew 20% to 45,000 units in CY2023
- Bus production 45,000 units in FY24
- Auto R&D spend USD 2.5 billion annually by OEMs
- Quadricycle sales 10,000 units in FY24
- Motorcycle production 17 million units in FY24
Automotive Interpretation
India’s auto industry is a roaring, multifaceted engine of growth—from the humble two-wheeler zipping through every alley to the sophisticated EV lab—powering millions of jobs, exports, and a clear, charged-up road to the future.
Energy Sector
- India's crude steel production reached 144.4 MT in FY24
- Installed power capacity in India was 446 GW as of August 2024
- Renewable energy capacity hit 150 GW by June 2024
- Coal production was 997 MT in FY24, up 10%
- Electricity generation in FY24 was 1,949 BU, growth 8.5%
- Solar power capacity 94 GW as of 2024
- Wind energy installed capacity 47 GW in 2024
- Hydro power capacity 47 GW operational in 2024
- Natural gas production 33 BCM in FY24
- Thermal power generation 1,450 BU in FY24
- Nuclear power capacity 7.5 GW in 2024
- Ethanol blending reached 12% in petrol during 2023-24
- Oil refinery capacity 252 MMTPA as of 2024
- Crude oil production 29.35 MMT in FY24
- Green hydrogen mission targets 5 MMT production by 2030
- Battery energy storage tenders 12 GW awarded by 2024
- LPG consumption 28 MMT in FY24
- Power sector capex INR 4.7 lakh crore in FY24
- UDAY scheme restructured 2.8 lakh crore debt for discoms
- Rooftop solar installations 10 GW by 2024
- Pumped storage hydro projects 5 GW under construction 2024
- Bioenergy capacity 10.4 GW equivalent in 2024
- Coal gasifier projects under PLI: 100 MTPA capacity targeted
- Electricity access reached 99.9% of households by 2024
- Peak power demand met 235 GW in May 2024
- Offshore wind potential 70 GW, pilots starting 2024
- Small hydro capacity 5 GW installed
- Energy efficiency savings 101 BU electricity by 2024 via standards
- Petroleum products consumption 233 MMT in FY24
Energy Sector Interpretation
India's industrial engine is roaring with a voracious appetite for power and steel, still stubbornly fed by coal, while sprinting—with admirable speed and occasional stumble—to wire its future to the sun, wind, and an ambitious green hydrogen moon.
IT and Software
- India's IT industry revenue reached USD 254 billion in FY24, growing 8.2% YoY
- IT exports from India were USD 199 billion in FY24
- The Indian IT-BPM industry employed 5.4 million people in FY24
- Software services revenue grew to USD 194 billion in FY24 at 13.3% CAGR over 5 years
- India's GCC revenue in IT reached USD 46 billion in FY24, growing 11.4% YoY
- AI and analytics market in Indian IT is projected to reach USD 17 billion by 2027
- Cloud services adoption in India IT sector is 70% among enterprises in 2024
- Indian IT firms secured 1,200+ global deals worth USD 50 billion in FY24
- Engineering R&D services in IT revenue was USD 38 billion in FY24
- India's digital economy contribution to IT services is 20% of GDP by 2025 projection
- BPM sector revenue hit USD 48 billion in FY24, employing 1.6 million
- Cybersecurity market in Indian IT to reach USD 10.9 billion by 2028
- 5G rollout boosted IT telecom services to USD 40 billion in 2024
- Product engineering services grew 16% to USD 25 billion in FY24 IT
- India's IT startup funding reached USD 8 billion in 2023 despite downturn
- Data analytics and AI patents filed by Indian IT firms: 15,000 in 2023
- IT sector FDI inflows USD 45 billion from 2020-2024
- Indian IT workforce skill in GenAI: 20% certified by 2024
- SaaS exports from India USD 5 billion in FY24
- IT hardware manufacturing under PLI: INR 8,000 crore incentives disbursed by 2024
- Digital transformation deals in IT: USD 30 billion in FY24
- India's share in global IT outsourcing: 55% in 2024
- Gaming and esports market in IT: USD 3.1 billion in 2024
- Fintech IT services revenue USD 15 billion in FY24
- Healthtech IT market size USD 5 billion in 2024
- Edtech sector in IT valued at USD 4 billion in 2024
IT and Software Interpretation
India's IT sector is now the nation's unshakeable economic backbone, having brilliantly evolved from its back-office roots into a quarter-trillion-dollar behemoth that dominates global outsourcing, powers the digital economy, and is rapidly engineering its future through AI, cloud, and a torrent of patents and startups.
Manufacturing Sector
- In FY23, India's manufacturing sector index stood at 144.1 (2011-12=100), reflecting a growth of 5.2% over FY22
- The Index of Industrial Production (IIP) for manufacturing in December 2023 grew by 3.2% compared to December 2022
- India's manufacturing output reached USD 451 billion in FY23, accounting for 17% of GDP
- During April-November FY24, manufacturing IIP growth was 7.0% YoY
- The manufacturing sector employed 12.4% of India's workforce in 2022-23, totaling about 62 million people
- India's manufacturing PMI stood at 56.4 in September 2024, indicating expansion
- Capital goods production in manufacturing grew 9.5% in FY24
- Consumer durables segment in manufacturing IIP rose 8.1% YoY in FY24
- Non-metallic mineral products output increased by 6.8% in manufacturing IIP for FY23
- India's food processing manufacturing capacity is 250 million tonnes per annum as of 2023
- Basic metals manufacturing production grew 4.2% YoY in December 2023
- Chemicals and chemical products segment saw 5.9% growth in IIP manufacturing FY24
- Machinery and equipment manufacturing output reached INR 3.2 lakh crore in FY23
- Electrical equipment manufacturing grew 10.1% in April 2024 IIP
- Manufacturing FDI inflows were USD 24.6 billion from April 2000 to June 2024
- India's manufacturing exports stood at USD 102 billion in FY24
- PLI scheme for manufacturing attracted INR 1.03 lakh crore investments by 2024
- Manufacturing GVA grew at 9.9% in Q1 FY25
- India's industrial production excluding manufacturing was 2.4% in FY23, but manufacturing led growth
- Apparel manufacturing production capacity is 6.5 billion pieces annually in India
- Rubber and plastics manufacturing grew 7.2% YoY in FY24 IIP
- Furniture manufacturing turnover reached INR 1.5 lakh crore in FY23
- Paper and paper products manufacturing output up 4.5% in 2023
- Leather manufacturing exports were USD 4.1 billion in FY24
- Gems and jewellery manufacturing employs 5 million people
- Tobacco manufacturing production declined 2.1% in FY23 IIP
- Pharmaceuticals manufacturing turnover was INR 4.2 lakh crore in FY23
- Cement manufacturing capacity stands at 550 MTPA in 2024
- Auto components manufacturing exports hit USD 20 billion in FY24
- Electronics manufacturing reached USD 101 billion in FY24
Manufacturing Sector Interpretation
While India's manufacturing engine is still sputtering to life at a modest 5.2% annual growth, the sheer scale of its 62-million-strong workforce and its booming sectors—from a USD 101 billion electronics surge to a 9.5% capital goods leap—suggests the machine is finally revving up, not just idling.
Pharmaceuticals
- India's pharmaceutical market size was USD 50 billion in FY24, growing 12% YoY
- India exported pharmaceuticals worth USD 27.85 billion in FY24
- Generic drugs account for 20% of global supply from India in 2024
- Indian pharma R&D spend was USD 1.8 billion in FY23
- Vaccines production capacity in India: 50% of global supply via Serum Institute
- Biosimilars market in India reached USD 1.2 billion in 2023
- API production under PLI scheme: 50+ projects approved with INR 6,900 crore investment
- India has 3,600+ pharma manufacturing units approved by USFDA as of 2024
- Contract development and manufacturing (CDMO) revenue USD 4.5 billion in FY24
- Ayurvedic and herbal pharma market size USD 18 billion in 2024
- Clinical trials market in India: USD 1.4 billion in 2023, with 5% global share
- Pharma exports to US: USD 10.5 billion in FY24
- Medical devices manufacturing turnover INR 50,000 crore in FY24
- India ranks 3rd globally in generic drug production volume in 2024
- Bulk drugs production capacity to increase by 50% under govt schemes by 2025
- Pharma sector employs 3 million directly in India 2024
- Injectables market in India: USD 3 billion in FY23
- Oncology drugs production grew 15% YoY to USD 2 billion in 2023
- India supplied 60% of global vaccine demand during COVID-19
- Nutraceuticals market size USD 11 billion in 2024, CAGR 13%
- Pharma PLI scheme investments INR 20,000 crore committed by 2024
- India has 600+ API manufacturers in 2024
- Ophthalmic formulations exports USD 500 million in FY24
- Oral solid dosage forms production: 40 billion units annually
Pharmaceuticals Interpretation
India's pharmaceutical sector has confidently dispensed a prescription for global dominance, blending a $50 billion home market, a massive export operation, and a vaccine-making prowess that saved the world into a single, potent tablet of economic health.
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