India is at an important point in its manufacturing journey. The policy foundations are stronger, infrastructure has improved, global supply chains are being reconfigured, and international companies are looking more seriously at India as a manufacturing location. Production-linked incentives have helped catalyse investment — by March 2026, actual investment under the PLI schemes had crossed ?2.40 lakh crore, and manufacturing GVA grew at a compounded annual rate of 10.88 per cent between 2022–23 and 2025–26 under the revised national accounts series.Yet another number deserves equal attention: manufacturing accounted for 14.8 per cent of India’s GVA in 2025–26, not materially different…