'Not weak...': Investment banker counters myths on India's manufacturing with gains in mobile, defense, pharma

India is often perceived as being weak in manufacturing, especially when compared to China. But investment banker Sarthak Ahuja believes this perception is far from accurate. In a detailed post on LinkedIn, he highlighted India’s rising strength across key industries — electronics, defense, renewable energy, and pharma — backing his claim with numbers that sparked wide discussion online. 

“A lot of people think India is very poor at manufacturing, but it’s about time we hear some facts that never come to light,” Ahuja wrote. 

Electronics and Pharma: Building global footprints 

India has emerged as the second-largest manufacturer of mobile phones, exporting over $30 billion annually. Exports have grown 132-fold in the past decade, a sign of the country’s rapidly scaling production capabilities. 

In pharmaceuticals, India continues to play a critical role as a net exporter of medicines. Ahuja pointed to breakthroughs such as Nafithromycin, a new antibiotic, and nearly $400 million committed to manufacturing medical devices like MRI machines and implants. 

Defense and Renewable Energy: Strategic gains 

Domestic defense production has nearly tripled in the last decade to $15 billion, with 65% of equipment now made in India. Almost all naval warships are indigenously built, marking a strategic milestone in self-reliance. 

On the energy front, India is now the third-largest manufacturer of wind and solar power equipment. The Suryaghar Muft Bijli Yojana, the world’s largest rooftop solar program, has already lit up over 1.5 million homes by March 2025. 

Beyond the big numbers 

India’s push for manufacturing goes beyond traditional industries. From exporting 400 million toys annually to 153 countries to building Vande Bharat trains and metro coaches shipped to Australia and Canada, Ahuja stressed that India’s industrial growth is broader than most people assume. 

While acknowledging India’s smaller scale compared to China, he reminded readers: “China was liberalised 13 years before us. Even if we are slower, we will try and buck up over the next two decades. Sometimes, we need to look at the positives and give ourselves due credit.” 

The post drew praise and caution alike. One user observed, “In my travels across the EU, SEA, and Middle East, I often see a more relaxed atmosphere. In India, even roadside tea stalls buzz with discussions about the future.” 

Another wrote, “Many underestimate India’s capabilities. These numbers show we’re building a strong foundation.” 

Skeptics, however, pointed to gaps: “Much of the high-value components — chips, batteries, displays — are still imported. Policy now needs to push for deeper integration across the supply chain.”