News: India aims to double the share of manufacturing in GDP to 23% helped by sunrise sectors.
About Sunrise Sectors
- It refers to industries that are relatively new, rapidly growing, and have significant potential to drive future economic growth, innovation, and employment.
- Features:
- High rates of expansion
- Technological advancement
- Ability to attract substantial investments and talent
- Importance of sunrise sector: It helps in scaling up manufacturing potential of a country to absorb a youthful workforce, reduce import dependencies and build competitive global supply chains.
Sunrise sectors in India
- India aims to significantly boost its manufacturing sector’s contribution to GDP from 12% to 23% in the next two decades, prioritizing job creation and economic expansion.
- Recognition: The Indian government has identified 14 sunrise sectors such as semiconductors, renewable energy components, medical devices, pharmaceuticals, hydrogen mission, electrical vehicles and batteries, Agro and Food Processing (A&FP) and so on in order to strengthen manufacturing.
- India has introduced the production-linked incentive (PLI) scheme to promote them.
- PLI is also offered to sectors that also have greater employment potential like electronic goods and similarly labour intensive sectors like textile and leather.
