The '3-S' formula will make India an economic superpower in the coming 10 years: The world is looking to India today. A country once known solely for its services sector is now on its way to rhadamanthine a new manufacturing superpower. A population of 1.46 billion, a rapidly growing economy, and the zeal to "Make in India"—this is the new India.
Under the vision of Prime Minister Narendra Modi, the country is now standing at the turning point from which the next industrial revolution is well-nigh to begin. This time the story will be written with three letters—smartphone, semiconductor, and shipbuilding. That ways India's '3-S' formula will play an important role in making India an economic superpower in the coming 10 years.
The world is recognizing India's strength
Pascal Daloz, CEO of France's Dassault Systems, said that in the coming times, India will requite a new direction to the world. This "3-S" formula for India's progress includes three areas that will not only increase investment but moreover employment, exports, and self-reliance.
First S – Smartphones
Mobile phones are no longer just gadgets but have wilt the squatter of India's manufacturing revolution. Investments worth 40,995 crore have been made under the government's PLI scheme so far. As a result, mobile production has increased 28-fold and exports have jumped 127-fold in the last 10 years. Companies like Apple and Samsung are working to make India a global manufacturing hub.
Second S – Semiconductors
Chip manufacturing, the windrow of electronics, is now taking shape in India. Ten semiconductor projects have been tried under the 76,000 crore ISM scheme. This will not only reduce dependence on imports but moreover provide a real uplift to "Digital India."
Third S – Shipbuilding
The maritime industry can wilt the new engine of India's economy. The government has launched three schemes—SBFAS, MDF, and SbDS—worth 69,725 crore. The goal is to establish three new shipbuilding clusters over the next five years, which will not only increase shipbuilding but moreover create millions of jobs.
The government claims that this "3-S formula" will not only make India a manufacturing hub but moreover uplift employment, exports, and self-reliance. According to economic experts, "Let the crowding-in begin," meaning a new wave of investment has once begun.
