India, Oct. 4 -- Trajectories across sectors point to a substantial but uneven manufacturing expansion in the value it creates.

Manufacturing is where India's industrial policy has placed its largest bets. By March 2026, production linked incentive schemes across 14 sectors had attracted over Rs 2.40 lakh crore in investment and generated Rs 22.66 lakh crore in production. Manufacturing GVA grew 9.3% in 2024-25 and 10.7% in 2025-26, but its share of the economy at current prices barely changed, edging from 14.7% in 2022-23 to 14.8% in 2025-26.

The Annual Survey of Industries (ASI), with its latest 2024-25 round released last month, reported broad based growth: fixed capital up 10.5%, workers 7.3%, output 7.8% and gross value added (GVA)...