Under the terms of the agreement, Garden Reach Shipbuilders & Engineers Limited (GRSE) will be responsible for constructing five of the corvettes, while Goa Shipyard Limited (GSL) will build the remaining three. This project marks a pivotal moment in India’s defence manufacturing landscape, as the corvettes will be designed by the Indian Navy and constructed by Defence Public Sector Undertakings (DPSUs) selected through a competitive bidding process.

Advanced Features of the Next Generation Corvettes

The Next Generation Corvettes will be outfitted with state-of-the-art missiles, weaponry, and sensor systems, enabling them to perform operations across air, surface, and sub-surface domains. Their introduction is anticipated to significantly enhance the operational capabilities of the Indian Navy, particularly in the protection of maritime trade routes and in executing anti-surface and anti-submarine warfare missions.

In addition to their offensive capabilities, the corvettes will play a crucial role in coastal defence, littoral combat operations, and maritime surveillance missions. This enhancement will allow the Navy to operate effectively in various maritime environments, ensuring a robust presence in strategic waters.

The advanced technology integrated into these warships reflects India’s commitment to modernising its naval fleet and improving its readiness to address contemporary maritime challenges. The corvettes will serve as a vital asset in maintaining national security and maritime interests.

Impact on Employment and Indigenous Shipbuilding

This initiative is expected to generate substantial employment opportunities within India’s domestic shipbuilding sector. The construction of the eight corvettes is projected to create approximately 72 lakh person-days of employment directly in the shipyards. Furthermore, an estimated 460 lakh person-days of employment are anticipated in ancillary industries and micro, small, and medium enterprises (MSMEs) over the next decade.

The project aims to foster collaboration among defence public sector undertakings, private shipyards, and Indian industrial partners, thereby strengthening the domestic shipbuilding ecosystem. It is designed to promote the utilisation of Made-in-India materials and equipment, alongside indigenous technologies and expertise, thereby enhancing local participation in defence manufacturing.

This initiative aligns with the government’s broader strategy of Aatmanirbharta in defence production and reinforces the commitment to the Make in India initiative. By encouraging local production and reducing reliance on foreign imports, the project aims to bolster India’s self-sufficiency in defence capabilities.

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According to official statements, the scheme establishes minimum capacity requirements for both new and existing manufacturing units. Greenfield projects are required to achieve an annual production capacity of at least 1,00,000 twenty-foot equivalent units (TEUs), while brownfield projects must increase their capacity by a minimum of 25,000 TEUs. All facilities must be operational within three years of receiving in-principle approval and must adhere to international container standards.

This initiative aims to bolster India’s domestic manufacturing base, thereby contributing to economic growth and job creation within the sector. The Cabinet’s approval reflects a commitment to addressing the specific challenges faced by the container manufacturing industry.

Sports Goods Manufacturing Scheme

In addition to the container scheme, the Cabinet has also sanctioned the Sports Goods Manufacturing Scheme. This initiative is part of the government’s ongoing efforts to enhance domestic manufacturing across various sectors. Vaishnaw noted that both the container and sports goods programmes are tailored to meet the unique challenges encountered by their respective industries.

The Sports Goods Manufacturing Scheme aims to stimulate production and job creation within the sports goods sector. By focusing on sector-specific issues, the government seeks to implement a more effective approach to manufacturing enhancement rather than a generic one-size-fits-all strategy.

This dual focus on container and sports goods manufacturing is expected to significantly contribute to the overall growth of India’s manufacturing landscape, ensuring that the country remains competitive in both domestic and international markets.

Pradhan Mantri Viksit Gram Swaraj Yojana

The Cabinet has also approved an allocation of Rs 7,395 crore for the Pradhan Mantri Viksit Gram Swaraj Yojana, which aims to improve rural governance through local planning and capacity building. Vaishnaw described this initiative as a transformative shift towards empowering panchayats to identify their own development needs and resources.

Under this scheme, local governing bodies will be encouraged to create development plans that reflect their priorities and available resources. The initiative also includes provisions for general and specialised training for elected representatives, enhancing their governance and administrative skills.

This approach aims to make panchayats more financially self-reliant by optimising the use of Finance Commission grants and increasing their own-source revenue. The government anticipates that this initiative will lead to more effective rural development tailored to local contexts.

Increase in Dearness Allowance

The Cabinet has approved a 3 per cent increase in Dearness Allowance (DA) for central government employees and Dearness Relief (DR) for pensioners, effective from July 1, 2026. This increase is expected to benefit over 1.16 crore employees and pensioners across the country. Vaishnaw described the decision as a Diwali gift from Prime Minister Narendra Modi to central government employees and pensioners.

The adjustment will raise the DA and DR rate from 60 per cent to 63 per cent, resulting in an additional financial burden of approximately Rs 10,000 crore for the government. This increase aims to help offset inflation and protect the purchasing power of employees and pensioners.

DA is calculated as a percentage of basic pay for serving employees, while DR serves a similar purpose for pensioners. The government revises these rates biannually to ensure that beneficiaries can cope with rising prices.

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Twelve years ago, it employed 40 skilled and semi-skilled workers. Today it runs with twenty-two. The proprietor is not a data point; he is the modal case. Cash vanished after demonetisation. GST compliance consumed an entire clerk’s week every month. Inspectors arrived with the regularity of monsoon and the expectations of a feudal court.

Last year a tender was lost…not on price, not on quality, not on delivery schedules…but on proximity to power. The critical precision-machined component in his highest-volume product now arrives in containers from Guangdong. He has become a final assembler of Chinese intermediate goods, paying Indian wages and Indian compliance costs while capturing only the residual margin.

Walk any industrial estate from Chakan to Hosur, from Faridabad to Coimbatore, and the same silhouette appears. This is not anecdotal colour. It is the micro-foundation of India’s manufacturing stagnation.

Markets have already rendered their verdict.

On 8 October 2026, the Nifty closed at 22,231—its lowest level since April 2025 and more than 10% below the August peak. Inclusive of dividends, the index was down approximately 16.7% for the calendar year by early October. A partial recovery to 22,889 by 19 October changed little. Analysts now prescribe tax cuts as the remedy. A 10% technical bounce is possible. A bounce is not a recovery. Investors are not merely short of liquidity or animal spirits; they are reading the consolidated balance sheet of the Indian economy and finding structural weakness precisely where competitive capacity must reside.

The Arithmetic of Underperformance

India’s share of global manufacturing value added rose from roughly 1.5% in 1995 to 3.2% in 2023. China’s share moved from about 5% to nearly 32% over the same period. Manufacturing has remained locked between 16 and 18% of Indian GDP for two decades.

The “Make in India” programme, launched in 2014 with an explicit target of 25 percent, has not altered the trend line. India and China possess comparable populations; India accounts for approximately 2% of global goods exports while China accounts for 15 percent.

The official rejoinder is familiar. The Chief Economic Adviser notes that India’s global manufacturing share edged up from 2.4% in 2014 to 3% by 2025 and that manufacturing output expanded 73 percent against China’s 51 percent. The arithmetic is correct and almost entirely irrelevant.

Growing faster from a base one-tenth the size of the comparator does not close the absolute gap; it merely slows the rate at which the gap widens. Twelve years after the slogan was coined, India remains a statistical rounding error in the global production network.

Why a Weaker Currency Cannot Substitute for Capability?

A depreciating rupee is routinely offered as the automatic stabiliser. It is not. In the first nine months of 2026, imports from China rose 23.3% to $125 billion; the bilateral trade deficit crossed $105 billion. In multiple critical sectors more than 80% of key intermediate components continue to originate in China.

Currency depreciation can alter relative prices at the border. It cannot create the machine tools, the process engineers, the metallurgical know-how, or the dense supplier ecosystems that determine whether a component is manufactured domestically at competitive cost and quality.

Lower the exchange rate to ₹100 or ₹200 per dollar and the Pune manufacturer will still import the Chinese part. The decision is not ideological; it is technological and organisational. A currency adjustment cannot invent a missing production function.

Vietnam supplies the contrasting case. With roughly 100 million people—less than one-tenth of India’s population—Vietnam’s goods exports reached approximately $475 billion in 2025. It runs a surplus with India, exporting $10.3 billion while importing only $6.1 billion. The composition is revealing smartphones, semiconductors, machinery—precisely the high-value, high-complexity segments that India continues to import.

Vietnam achieved this by inserting itself into global value chains that enforce ruthless standards on cost, quality, and delivery. India’s manufacturing share of GDP stood below 15% in 2024, well beneath the levels recorded by South Korea, Taiwan, and China during their respective high-growth decades. Those economies did not industrialise on rhetoric. They industrialised on factory floors, cumulative engineering competence, and firms forced to survive open competition.

The Incentive Architecture of Stagnation

The deeper pathology is institutional. When procurement and licensing decisions systematically favour the connected over the competent, the rational firm stops investing in technology and process improvement.

Why purchase a five-axis machining centre if the tender is awarded since political access?

Capital deepening slows. Total factor productivity stagnates. Unit labour costs remain elevated relative to East Asian competitors even when absolute wages are lower. Small and medium enterprises shrink; a handful of large, politically adept conglomerates expand. Not every large Indian firm is a product of favouritism—many operate at genuine global standards—but a system in which outsiders cannot distinguish the two has already destroyed the informational value of market signals.

This is the classic lemons problem applied to industrial policy. When buyers cannot reliably separate high-quality from low-quality suppliers because non-market criteria dominate, the market for quality itself collapses. The honest manufacturer internalises the lesson: better machines do not win orders.

The result is a low-level equilibrium of mediocre quality, high compliance costs, and chronic dependence on imported intermediates.

The Political Economy of Distraction

Voters are entitled to anger. Real wages for large segments of the workforce have been stagnant. Formal job creation remains inadequate relative to the demographic surge. Relative prices of essentials continue to rise. That anger, however, is routinely redirected toward symbolic contests—mosques, menus, nomenclature—that generate heat without generating output. The Muslim shopkeeper and the Hindu machine operator lose the identical livelihood when the factory sheds workers. Identity politics is a free good for politicians; industrial capability is not.

The only question that matters are technical and temporal: what tangible production capacity has been created in the last 12 years that will still be generating employment and export earnings twelve years from now?

Governments that are never compelled to answer this question will continue supplying the cheaper narrative—the one that requires no capital expenditure, no skill formation, and no exposure to competitive pressure.

Tax cuts and further currency depreciation can buy time. They cannot purchase missing technological capability, missing supplier density, or missing competitive discipline.

Without those foundations, India will remain a competitive exporter of incense sticks, toys, and low-value textiles—where it already holds a respectable 4.1% of global trade—while the high-value nodes of the global production network continue to locate elsewhere.

The Pune manufacturer already knows this. The markets are beginning to price it.

The only open question is whether the political system will confront the arithmetic before the gap becomes irreversible.

Views of the author are personal and do not necessarily represent the website’s views.

Dr. Jaimine Vaishnav is a faculty of geopolitics and world economy and other liberal arts subjects, a researcher with publications in SCI and ABDC journals, and an author of 6 books specializing in informal economies, mass media, and street entrepreneurship. With over a decade of experience as an academic and options trader, he is keen on bridging the grassroots business practices with global economic thought. His work emphasizes resilience, innovation, and human action in everyday human life. He can be contacted on jaiminism@hotmail.co.in for further communication.

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Vaishnaw emphasised the dynamic nature of global politics and geopolitics, stating that India must continually adjust its strategies. He remarked, “Things change, politics change, geopolitics play a big role, so we have to constantly calibrate our approach, and we in India are thinking at least 20 years ahead.” The forum, which is hosted by Bloomberg Media Group, featured discussions on various aspects of technology and its implications for global economies.

During the event, Cisco Chairman and CEO Chuck Robbins shared insights on India’s potential, noting that the country’s scale and its method of forging partnerships with trusted companies could lead to a practical approach towards achieving technology sovereignty.

Focus on Building Domestic Capabilities

Vaishnaw outlined India’s strategy of setting short-term goals for three to five years, medium-term targets for five to 15 years, and long-term objectives extending to 20 to 25 years. He reiterated the importance of developing domestic capabilities in strategically significant sectors while maintaining integration with global value chains. The minister acknowledged that technology remains a global industry, necessitating a focus on identifying strategic dependencies that could jeopardise India’s economic stability.

He specifically highlighted the need to cultivate a comprehensive semiconductor ecosystem, which includes materials, chemicals, and manufacturing processes. Vaishnaw pointed out that India’s second phase of the semiconductor programme places a stronger emphasis on these foundational inputs, indicating that building such capabilities will require sustained effort over time.

“Without an ecosystem, no manufacturing effort will ever pay off,” Vaishnaw stated, citing the mobile phone industry as a case study of India’s transition from assembly to manufacturing components. He noted that India has progressed to producing many essential components domestically and has begun exporting some to other nations.

Addressing Future Challenges and Risks

Vaishnaw also underscored the necessity of enhancing research and development funding, particularly in applied research. He cited the successful development of India’s end-to-end 4G telecom stack, achieved through collaboration between the government and private sector within three-and-a-half years. This system is now operational on over 100,000 towers across the country.

Furthermore, the minister raised concerns about potential global financial and technological disruptions, particularly the impact of artificial intelligence on employment and the pressures arising from high debt levels in advanced economies. He warned that these factors could lead to significant turbulence in the future.

Vaishnaw concluded by stating that India is preparing to enhance its financial, economic, and technological resilience. He noted that the public debt-to-GDP ratio has decreased from 61 per cent to 55 per cent over the past five years, reflecting the country’s efforts to strengthen its economic foundation.

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Singh indicated that the export potential starts with approximately $100 million for Vietnam and an estimated $200 million for Indonesia. The Defence Secretary underscored the significance of BrahMos as a benchmark for India’s emerging export capabilities, indicating growing interest from international markets.

Singh also mentioned that the BrahMos missile system has an air-launched variant that has reportedly achieved great success when integrated with Sukhoi fighter jets. This capability is expected to enhance its attractiveness to prospective buyers and strengthen India’s position in the global defence market.

Current and Future Contracts

Defence Minister Rajnath Singh previously characterised BrahMos as more than just a weapon; he referred to it as a symbol of India’s expanding indigenous technological capabilities. The missile has been developed with a traditional warhead and an advanced guidance system, enabling it to engage targets at supersonic speeds over long distances.

The missile system is recognised globally for its accuracy, speed, and power, which positions it among the elite in the international arms market. Its robust capabilities have made it a focal point in India’s defence export strategy, contributing to the country’s growing prominence in global military supplies.

Surge in Defence Exports

Indian defence exports reached a record Rs 38,424 crore in the Financial Year (FY) 2025-26, representing a substantial increase of Rs 14,802 crore, or 62.66 per cent, from the previous fiscal’s Rs 23,622 crore. This impressive growth reflects the international community’s rising acceptance of Indian-made defence products.

The contribution to these exports came primarily from Defence Public Sector Undertakings (DPSUs) as well as private sector companies, which accounted for 54.84 per cent and 45.16 per cent of the total, respectively. DPSUs saw a remarkable 151 per cent surge in exports compared to the prior year, while private firms exhibited a more moderate increase of 14 per cent.

In value terms, private sector defence exports amounted to Rs 17,353 crore, while DPSUs contributed Rs 21,071 crore. These figures demonstrate notable improvements from the previous financial year’s totals of Rs 15,233 crore and Rs 8,389 crore, respectively. The sharp rise in exports underscores the increasing integration of the Indian defence sector into international supply chains and its potential for future growth.

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Reflecting on the inception of the initiative, Goyal noted that there were significant discussions regarding India’s manufacturing potential at that time. He pointed out that many essential products were then imported. The intent behind Prime Minister Narendra Modi’s vision was to enable Indian-made products to be recognised globally, emphasising their quality through the ‘Made in India’ label.

Goyal highlighted the broader impact of the initiative, stating that it has instilled confidence among various stakeholders, including entrepreneurs, startups, and manufacturers. He emphasised that the initiative has conveyed a powerful message that “India can manufacture, innovate, and compete worldwide.”

Record Foreign Direct Investment

During the announcement, Goyal revealed that India achieved its highest-ever annual foreign direct investment (FDI) inflow, amounting to USD 94.53 billion for the financial year 2025-26. Since the initiative’s launch, India’s cumulative FDI inflows have reached USD 843 billion, underlining the growing global interest in Indian manufacturing.

He attributed significant progress to the Production Linked Incentive (PLI) schemes, which have expanded manufacturing capacity across various key sectors. As of March 31, 2026, actual investments realised through these schemes totalled Rs 2.40 lakh crore, contributing Rs 23.8 lakh crore in production and sales, and generating Rs 15.2 lakh crore in exports. Furthermore, these initiatives have created over 14.6 lakh direct and indirect employment opportunities.

Goyal also mentioned the establishment of greenfield industrial smart cities under the National Industrial Corridor Development Programme, which aims to enhance infrastructure for industry. He noted that reforms aimed at improving the Ease of Doing Business have simplified regulations and reduced compliance burdens, fostering a more inviting investment climate.

Future Aspirations of Make in India

Looking ahead, Goyal indicated that the next phase of the initiative encompasses a broader global ambition, intending to position India as a leading manufacturing hub on the world stage. He suggested that the past twelve years serve not only as a milestone but also as a testament to what can be achieved when a nation believes in its potential, supported by consistent reforms and proactive government action.

In his remarks, he outlined an emphasis on further enhancing India’s manufacturing capabilities to strengthen the country’s role in global production and supply chains. Additionally, Goyal pointed to the development of the Open Network for Digital Commerce (ONDC), which he claimed is beneficial to small enterprises, stating that over 470 crore orders have already been placed through the platform.

In conclusion, Goyal articulated a vision for the future of Indian manufacturing, underscoring the importance of innovation and competition on the international front. His statements reflect the government’s commitment to fostering an environment conducive to scaling manufacturing efforts in India.

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On September 18, 2026, Chief of Staff Masahiro Morita from the Japan Air Self-Defense Force (JASDF) participated in this event aboard a two-seater variant of the Tejas. The flight took place at the Jodhpur Air Force Base, and both officials were present to emphasise the collaboration between the two nations’ air forces.

The Indian Embassy shared details via a post on X, highlighting the successful joint flights that form part of the broader framework of defence cooperation between India and Japan. This collaboration is indicative of the growing partnership in defence and air operations.

Highlights of the Formation Flight

During the formation flight, Air Chief Marshal AP Singh, designated as ‘Eagle One’, piloted the Tejas LCA. The event not only displayed India’s indigenous manufacturing capabilities but also symbolised the operational synergies that have been developing between the IAF and the JASDF.

General Morita’s involvement in the flight allowed him to experience the capabilities of India’s homegrown aircraft, which is significant for building trust in the technology and aviation capabilities of India. The IAF emphasised that this sortie reflects the growing rapport between the two air forces.

Furthermore, the joint missions conducted throughout ‘Veer Guardian 2026’ underscore the professional camaraderie and the sharing of operational techniques that benefit both sides. This exercise is a crucial step towards enhancing interoperability between the two air forces, facilitating more effective joint operations in future scenarios.

Overview of ‘Veer Guardian 2026’

‘Veer Guardian 2026’ is a 14-day exercise that began with the arrival of JASDF F-2 fighter aircraft in India on September 8. The exercise includes a series of advanced operational missions focusing on both tactical and strategic military interactions.

Participants are engaging in high-level training exercises designed to refine their skills and understanding of joint operations. The LCA Tejas, a 4.5-generation multi-role combat aircraft, plays a pivotal role in these operations, as it is built to fulfil various missions, including offensive support and ground attack.

This ongoing collaboration not only showcases India’s advancements in defence aviation but also underlines the importance of mutual cooperation in enhancing regional security. The insights gained from this exercise are expected to further deepen the strategic partnership between India and Japan in the defence sector.

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Potential of Odisha in Semiconductor Sector

During the event, Union Minister Vaishnaw remarked on the vast potential of Odisha in the semiconductor field, commending the state’s significant progress in advancing related projects. He stated that this progress has considerably increased stakeholder confidence in Odisha’s capabilities. The Minister noted that the state is equipped with skilled human resources, along with reliable power and water supplies, which are vital for the development of the semiconductor industry.

Vaishnaw acknowledged the active role of Chief Minister Majhi in overseeing and expediting these projects, emphasising that the government’s swift actions are essential to harnessing the state’s potential. He articulated that not only does Odisha have the technical know-how, but it also boasts an accommodating administrative framework, which is conducive to establishing and sustaining complex industries.

Additionally, Vaishnaw revealed that three new projects are currently in progress with the assistance of the Odisha government, which have reportedly met with approval from investors. He asserted that these advancements would elevate Odisha’s position in the semiconductor landscape, showcasing the state’s ability to navigate and thrive in intricate industrial sectors.

Manufacturing Park for IT and Electronics

Union Minister Vaishnaw elaborated on discussions held with Chief Minister Majhi concerning the establishment of an expansive 871-acre manufacturing park dedicated to the information technology, semiconductor, and electronics sectors. This initiative is anticipated to lay a robust foundation for future investments and technological advancements in the region.

Vaishnaw shared that the park is designed to incorporate modern facilities, including advanced connectivity, internet accessibility, and robust power infrastructure. These developments aim to set a new standard and create an exemplary model for future projects within Odisha. The Minister expressed confidence that these efforts would attract significant investor interest, thereby fostering industrial growth in the state.

Furthermore, the park’s strategic location near Bhubaneswar enhances its appeal, as convenient airport access is deemed essential for visiting investors. Vaishnaw emphasised that this project not only addresses the immediate needs of the semiconductor sector but is also positioned to generate substantial employment opportunities for local residents. The focus on creating jobs further aligns with the overall development agenda of the state government.

Future Prospects for Odisha’s Semiconductor Industry

The commitment to developing Odisha’s semiconductor capabilities signifies the state’s forward-thinking approach to industrialisation. With the infrastructure developments and ongoing projects, the state is poised to become a pivotal player in the semiconductor market. This strategic shift aims to uplift the local economy and address the growing demand for semiconductor technology.

With the concerted efforts from both the state and central governments, Odisha is on the trajectory to enhance its status within the industry. The initiatives spearheaded by Chief Minister Majhi and Union Minister Vaishnaw are expected to materialise into significant enhancements in technology and job creation, thus benefiting the local population in the long term.

The developments at SEMICON India 2026 underscore Odisha’s potential as a hub for semiconductor manufacturing, driven by the government’s proactive stance in fostering innovation and investment in the sector.

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During the first iteration, Semicon India 1.0, approximately 105 startups were involved, with around 20 of these receiving venture capital funding amounting to Rs 800 crore. The successful engagement during this phase underscores the increasing interest and investment in the semiconductor sector.

Vaishnaw indicated that one of the key components of Semicon India 2.0 would concentrate on machines and materials, supported by a substantial investment of $5 billion. This investment is expected to create significant employment opportunities across the country and contribute to economic growth.

Core Pillars of the New Initiative

The initiative is structured around several principal pillars. The second pillar focuses on machines and materials necessary for semiconductor production. The minister elaborated on the various aspects of the initiative, stressing the significance of advanced technologies.

The third pillar is dedicated to enhancing capabilities related to displays, memory, silicon, and logic. Vaishnaw mentioned a notable development with a 3D packaging unit already being established in Odisha, which exemplifies the government’s commitment to advancing semiconductor technology.

Research and development forms the focus of the fourth pillar, with projects aiming to tackle contemporary industry challenges through collaboration between the industry and academic institutions. This approach is designed to ensure that R&D efforts are directly applicable and beneficial within the semiconductor field.

Focus on Talent Development and Event Overview

Talent development stands as the fifth pillar of Semicon India 2.0. Minister Vaishnaw noted that while Semicon India 1.0 intended to train 85,000 design engineers over a decade, approximately 70,000 engineers have already been trained within just four years. For the 2.0 initiative, the goal is to develop 1 lakh technicians equipped with skills specific to clean room operations and factory settings.

These trained individuals are expected to contribute directly to factories being established in India while also being part of a global talent pool that supports the semiconductor industry. The comprehensive training will focus on equipping individuals with the necessary skills for employment within this burgeoning sector.

As Semicon India 2026 convenes, it aims to foster industry collaborations, set policy directions, and enhance international partnerships. Coordinated by the Ministry of Electronics and Information Technology (MeitY), the event features over 600 exhibitors, including 300 international companies, within a 15,000-square-metre space. The convention also highlights various pavilions dedicated to startups and state governments, along with opportunities for student participation in hackathons.

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