New Delhi, Jan 24 (IANS) India is aiming to nearly triple its exports to $1.3 trillion by 2035 by pushing manufacturing-led growth through structural reforms and deregulation, rather than relying on heavy government spending, according to reports.

The strategy marks Prime Minister Narendra Modi’s third major attempt to turn India into a global manufacturing hub and a key driver of world trade.

The government is focusing on 15 priority manufacturing sectors, including high-end semiconductors, metals, electronics and labour-intensive industries such as leather, as per the reports.

Officials believe that easing regulations, simplifying compliance and improving the business environment will help companies scale up production, attract investment and compete globally.

The renewed push comes at a time when India is being seen as a stable growth engine amid global uncertainty.

With supply chains under stress worldwide and geopolitical tensions rising, India is positioning itself as a reliable alternative manufacturing destination.

Recent data suggests that the manufacturing sector is already responding positively to policy support and reforms.

India’s manufacturing performance touched a record high in the third quarter of FY26, with industry sentiment improving further, according to a latest survey by the Federation of Indian Chambers of Commerce and Industry (FICCI).

As per FICCI’s Quarterly Survey on Manufacturing, 91 per cent of companies reported higher or stable production levels in Q3 FY26, up from 87 per cent in the previous quarter.

Industrial confidence also strengthened, with 86 per cent of respondents expecting higher or similar order levels compared to the previous quarter, helped in part by recent GST rate cuts.

The survey, which covers manufacturing units with a combined annual turnover of over Rs 3 lakh crore, showed that financial conditions remain supportive.

The average interest rate for manufacturers stood at 8.9 per cent, while nearly 87 per cent of firms said they had sufficient access to bank funding for working capital and long-term needs.

–IANS

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