Most tech manufacturing in India has started with final assembly of products. The Phased Manufacturing Program (PMP) introduced in the 22-23 budget was an extremely insightful initiative for building a true Make in India ecosystem through gradual backward integration. However, it turns out that ecosystems need a longer time to build, especially when complex technology and high capex are required. India has made great strides in scaling the final assembly. Still, the government should continue monitoring the on-ground development of component suppliers, and adjust the PMP plan timelines to ensure that this momentum continues.
Interim Budget 2024 Expectation Quote from Mr. Sundeep Holani, Co-Founder and CEO, Channelplay
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