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💹 Economy & FinanceMAINS · GS3.8 · GS3.1

Twelve years of Make in India, and the growth rate covers three

Manufacturing GVA grew at 10.88 per cent a year - measured from 2022-23, on a national accounts series that was itself only documented three days ago.

What happened

For Prelims

For UPSC: The single most useful manufacturing document of the year, because it carries 2014-15 baselines sector by sector rather than headline claims. Use it on industrial policy and Make in India, on electronics and semiconductor manufacturing where the mobile-phone concentration is the caveat, and on defence indigenisation, where Rs 1.78 lakh crore is the number to quote.
What it is NOT: The headline CAGR covers 2022-23 to 2025-26 - three years of a twelve-year programme - so it cannot be read as Make in India's record. No manufacturing share of GDP is given for any year, which is the standard measure of whether manufacturing is actually gaining ground and the one the programme set a target for. No employment figures appear anywhere, for any sector. Production values are nominal, so the electronics and pharma multiples include price inflation that the release does not strip out. Value added versus assembly is not distinguished for electronics, so how much of Rs 13.11 lakh crore is domestic content is unknown. And no import or export figures are given, so import substitution - the whole point - is not demonstrated.

For Mains

Syllabus: GS3.8 · GS3.1 · Linkage L2

Anchor
Make in India turns twelve, and the growth rate the backgrounder leads with covers three of those years. Manufacturing GVA grew at a compound 10.88 per cent between 2022-23 and 2025-26, on the national accounts series with a 2022-23 base that MoSPI documented only on 21 September.
Substantiation (data)
The sectoral series is more informative than the aggregate. Electronics rose nearly sevenfold to about Rs 13.11 lakh crore, but mobile phones went from about Rs 18,000 crore to about Rs 6.27 lakh crore - roughly 54 per cent of the entire electronics increase came from one product category. Defence production nearly quadrupled to Rs 1.78 lakh crore, crude steel doubled to 170 million tonnes, and railway coach output rose about two-thirds by annual average.
Position
The deepening is the part worth crediting, because it is the part that is hardest. A Nd-Fe-B rare earth magnet pilot plant at ARCI, semiconductors for space applications, and complex biologics such as a first-in-class biosimilar antibody-drug conjugate are capabilities in inputs and strategic materials rather than in final assembly - which is where import dependence actually sits.
Counterpoint
Concentration cuts the other way too. An electronics story that is mostly mobile phones is exposed to one product cycle and one set of global buyers, and the pharma pair - third by volume, eleventh by value - is the same caution in different form: India makes a great deal of medicine and captures a small share of what medicine is worth.
Problematisation
Two things a twelve-year retrospective should contain are missing. There is no manufacturing share of GDP for any year, which is the measure the programme was launched against, and there are no employment figures at all. Production values are also nominal, so the multiples carry price inflation the release never strips out.
Conclusion
Read the sectoral tables and treat the headline with care. Indian manufacturing has demonstrably deepened into components, strategic materials and defence over twelve years; whether it has grown as a share of the economy is a question this document does not answer and does not ask.
Deploys into: Industrial policy and Make in India · Electronics and semiconductor manufacturing · Defence indigenisation · Reading growth rates and base years
PIB Backgrounder · 2026-09-24 · PRID 2314447 · PIB source ↗
Related: Production Linked Incentive Scheme · National Accounts base year revision · Semicon India Programme · PM GatiShakti