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ICICI Securities Report
In nominal terms, the gross value added of India's manufacturing sector grew 22% YoY and stood at Rs 33.1 trillion in FY22 constituting 15.5% of GVA (18.2% of GVA in real terms).
To be sure the manufacturing sector as a percentage of GVA in real term has stagnated in the 17- 18% range over the past decade after rising rapidly during 2002-2010 period driven by a strong capex cycle.
Triggers for manufacturing activity:
Various enablers for higher growth in manufacturing activity going ahead are the nascent signs of capex cycle recovery, which includes the real estate cycle, government policy initiatives such as the production linked incentive schemes, continued foreign direct investment inflows and China plus one related export opportunities amongst others.
Also, the Russia-Ukraine conflict has increased the urgency to become self-sufficient in terms of energy and defence requirements, which are large opportunities for manufacturing in India.
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