Manufacturing is a cornerstone of the Victorian economy and one of the most significant drivers of growth and productivity. It represents a $33.5 billion industry that is paramount for job creation, innovation, and exports. It intersects other sectors and industries, including in clean energy, sustainability, and innovation.
The Indian manufacturing industry is home to major international firms, and small and medium sized manufacturing, supporting global supply chains. It is experiencing a gradual shift to more automated and process-driven manufacturing and is projected to be one of the fastest growing sectors, already contributing 16-17 per cent of India’s GDP.
The Victorian Government has taken steps to connect Victorian industry with Indian government and private sector delegations and provided customised assistance to exporters in technology.
Victoria and India have both seen significant changes and advances in the manufacturing sector since 2018. Manufacturing in Victoria today is flexible, digital, internationally connected and strongly grounded in the state’s strengths in research and innovation. The Victorian Government is backing manufacturing including through the 2022 Made in Victoria 2030: Manufacturing Statement to build critical advanced manufacturing skills and capabilities across the economy.
The Production-Linked Incentive (PLI) scheme targets the development of fourteen sectors of the Indian economy to boost domestic production of medical devices and pharmaceuticals, automobiles and auto components, food products, solar PV modules and other goods. India’s National Manufacturing Policy also aims to further increase the share of manufacturing in GDP to 25 per cent by 2025.
What's the opportunity
As Victoria and India both pursue productivity growth and innovative solutions across the economy, Victoria welcomes collaboration and knowledge sharing with India in manufacturing, engineering, and related sectors should opportunities of mutual benefit arise.
Victoria will continue to explore and facilitate partnerships where Victorian and Indian partners can combine technical innovation and localised approaches to deliver manufacturing and engineering products and solutions.
Case study
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