New Delhi, Feb. 3 -- India is charting an ambitious course toward its vision of a $30-trillion economy by 2047. To realize this, India must sustain double-digit growth over the next two decades. Hitherto, services sector has been the engine that has powered the economy, but manufacturing sector must also fire up for this vison to become a reality. Manufacturing must contribute 30%-plus to the incremental GVA to achieve our targets, significantly increasing its contribution from the current 15-17%, competing with its peers such as China (26%), South Korea (29%), and Vietnam (24%).

Over the past decade, the government has launched strategic initiatives such as Make in India, production-linked incentives (PLI), and large-scale infrastructur...