The Union Budget for 2024-2025 is likely to prioritise sustainable domestic growth under the "Viksit Bharat" initiative. Efforts to position India as a global manufacturing hub are evident through successful schemes like Make in India and PLI, particularly in the electronics sector. However, challenges such as customs duties, integration into global value chains, and the need for sector-specific PLI schemes for MSMEs must be addressed. The upcoming Budget will play a crucial role in shaping India's manufacturing landscape and achieving the vision of a "Viksit Bharat" by 2047.
