IDEAS home Printed from https://ideas.repec.org/a/spr/inecre/v59y2024i1d10.1007_s41775-024-00220-4.html
   My bibliography  Save this article

Manufacturing-led transformation for realizing India’s 2047 Vision in the context of a fractured trading system: challenges, opportunities, and strategic interventions

Author

Listed:
  • Nagesh Kumar

    (4 Vasant Kunj Institutional Area)

Abstract

India has emerged from the COVID-19 pandemic as the fastest-growing large economy. What are the prospects of India further accelerating its growth rate and emerging as the next growth pole of the world economy, which would be required to realize India’s Vision 2047 of a developed economy? This article explores the key opportunities, prospects, and policy priorities for sustaining India’s growth momentum in a fractured trading system. It argues that a manufacturing-led transformation is imperative for India to realize its development aspirations of building a developed economy by 2047 and to address the challenge of employment creation and sustainable management of the balance of payments. As global companies restructure their supply chains on China + 1 lines, India can potentially leverage its geopolitical and demographic sweet spots to build manufacturing capacities to feed growing domestic and global demand and tap the opportunities presented by the digital and green industrial revolutions. It is concluded with some policy lessons for tapping the opportunities for a manufacturing-led transformation of the country to a developed nation status by 2047.

Suggested Citation

  • Nagesh Kumar, 2024. "Manufacturing-led transformation for realizing India’s 2047 Vision in the context of a fractured trading system: challenges, opportunities, and strategic interventions," Indian Economic Review, Springer, vol. 59(1), pages 155-176, October.
    • Handle: RePEc:spr:inecre:v:59:y:2024:i:1:d:10.1007_s41775-024-00220-4
    DOI: 10.1007/s41775-024-00220-4
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s41775-024-00220-4
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s41775-024-00220-4?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Mr. Arvind Subramanian & Ms. Prachi Mishra & Aaditya Mattoo, 2012. "Spillover Effects of Exchange Rates: A Study of the Renminbi," IMF Working Papers 2012/088, International Monetary Fund.
    2. Reda Cherif & Fuad Hasanov, 2019. "The Return of the Policy That Shall Not Be Named: Principles of Industrial Policy," IMF Working Papers 2019/074, International Monetary Fund.
    3. Amrit Amirapu and Arvind Subramanian, 2015. "Manufacturing or Services? An Indian Illustration of a Development Dilemma - Working Paper 409," Working Papers 409, Center for Global Development.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nguimkeu, Pierre & Zeufack, Albert, 2024. "Manufacturing in structural change in Africa," World Development, Elsevier, vol. 177(C).
    2. Amrit Amirapu, 2021. "Justice Delayed Is Growth Denied: The Effect of Slow Courts on Relationship-Specific Industries in India," Economic Development and Cultural Change, University of Chicago Press, vol. 70(1), pages 415-451.
    3. Giovanni Dosi & Andrea Roventini & Emmanuele Russo, 2020. "Public Policies And The Art Of Catching Up," Working Papers hal-03242369, HAL.
    4. Keddad, Benjamin & Sato, Kiyotaka, 2022. "The influence of the renminbi and its macroeconomic determinants: A new Chinese monetary order in Asia?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).
    5. Kyunghoon Kim & Andy Sumner & Arief Anshory Yusuf, 2018. "Is structural transformation-led economic growth immiserising or inclusive? The case of Indonesia," Departmental Working Papers 2018-11, The Australian National University, Arndt-Corden Department of Economics.
    6. Ajit K. Ghose, 2021. "Structural Change and Development in India," Indian Journal of Human Development, , vol. 15(1), pages 7-29, April.
    7. Giovanni Dosi & Andrea Roventini & Emanuele Russo, 2021. "Public policies and the art of catching up: matching the historical evidence with a multicountry agent-based model [Catching up, forging ahead, and falling behind]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 30(4), pages 1011-1036.
    8. Kumar, Rishabh & Balasubramanian, Sriram & Loungani, Prakash, 2022. "Inequality and locational determinants of the distribution of living standards in India," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 59-69.
    9. Shu, Chang & He, Dong & Cheng, Xiaoqiang, 2015. "One currency, two markets: the renminbi's growing influence in Asia-Pacific," China Economic Review, Elsevier, vol. 33(C), pages 163-178.
    10. Dani Rodrik, 2016. "Premature deindustrialization," Journal of Economic Growth, Springer, vol. 21(1), pages 1-33, March.
    11. Fanti, Lucrezia & Pereira, Marcelo C. & Virgillito, Maria Enrica, 2024. "The agents of industrial policy and the North-South convergence: State-owned enterprises in an international-trade macroeconomic ABM," GLO Discussion Paper Series 1491, Global Labor Organization (GLO).
    12. Rapetti, Martin, 2020. "Conflicto distributivo y crecimiento en Argentina [Distributive Conflict and economic growth in Argentina]," MPRA Paper 123149, University Library of Munich, Germany.
    13. João Carlos Ferraz & Juliana Santiago & Luma Ramos, 2023. "Policy innovation for sustainable development: the case of the Amazon Fund," Review of Evolutionary Political Economy, Springer, vol. 4(1), pages 109-136, April.
    14. Alessio Terzi & Monika Sherwood & Aneil Singh, 2023. "European industrial policy for the green and digital revolution," Science and Public Policy, Oxford University Press, vol. 50(5), pages 842-857.
    15. Sascha Buetzer, 2022. "Advancing the Monetary Policy Toolkit through Outright Transfers," IMF Working Papers 2022/087, International Monetary Fund.
    16. Grabowski, Richard & Self, Sharmistha, 2017. "The development of manufacturing: Unintended consequence," Journal of Asian Economics, Elsevier, vol. 52(C), pages 1-11.
    17. Ma. Joy V. Abrenica & Anthony G. Sabarillo, 2024. "How might China-US industrial policies affect the Philippines?: a quantitative exercise," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 61(2), pages 171-198, December.
    18. Amir Lebdioui & Keun Lee & Carlo Pietrobelli, 2021. "Local-foreign technology interface, resource-based development, and industrial policy: how Chile and Malaysia are escaping the middle-income trap," The Journal of Technology Transfer, Springer, vol. 46(3), pages 660-685, June.
    19. Mortimer-Lee, Paul & Adrian Pabst, 2022. "Covid-19 and Productivity: Impact and Implications," National Institute of Economic and Social Research (NIESR) Occasional Papers 62, National Institute of Economic and Social Research.
    20. Samba Mbaye, 2012. "Beggar-thy-Neighbor Effects of Currency Undervaluation: Is China the Tip of the Iceberg?," Working Papers halshs-00761380, HAL.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:inecre:v:59:y:2024:i:1:d:10.1007_s41775-024-00220-4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.