According to the Economic Survey Report for 2023-24, India is lagging behind China and the United States in terms of investments in research and development (R&D). One of the main reasons for this is the low Gross Expenditure on Research and Development (GERD) by the private sector, which is less than 40% of the total GERD. This is significantly lower compared to the private sector investments in both China and the US. However, there has been some improvement in recent years, and India must focus on increasing its investments in R&D to catch up with other major powers.
In a recent publication by China's official newspaper Global Times, India has made it to the top 5 on the world's list of top manufacturing countries. This comes as a significant shift in power as India gradually overtakes China in manufacturing output and establishes itself as a major player in the global market. The post, specifically mentioning India, reflects China's recognition of India's growing impact in the manufacturing sector. With India's manufacturing value added of $456 billion, it is set to become the manufacturing hub of the world.