Budget 2023-24 wishlist: Here're the key challenges in manufacturing sector

Current sector snapshot

The IIP manufacturing for November expanded to its highest in five months after a subdued performance in October 2022. Domestic demand may be the critical driver in the coming months for the manufacturing sector. The government’s thrust toward capital expenditure in the infrastructure sector will have a multiplier effect.

Overall, the economy has shown resilience against geopolitical headwinds, supply chains, and inflationary challenges. The government has announced the PLI scheme for 14 other sectors. The scheme will focus on achieving global competitiveness in the manufacturing sector.

Key challenges

• It will be essential to build a resilient and responsive