<p>This paper seeks to elucidate the relative export competitiveness (REC) of three pivotal manufacturing industries: Pharmaceuticals, Aircraft and Spacecraft and Arms and Ammunition—within the framework of the ‘Make in India’ initiative. Employing Partial Least Squares Regression analysis, the study scrutinizes the impact of various development indicators, including GDP per capita, Ease of Doing Business, Foreign Direct Investment inflows, labor productivity, and logistics metrics, on the REC of these industries. The analysis spans from 2009 to 2020, with 2014 serving as a midpoint reference. Data have been meticulously collected for the leading five exporting nations within each industry. Findings reveal that India’s export competitiveness in these industries has generally lagged over time when juxtaposed with top five exporting countries. Key factors such as labor productivity and GDP per capita positively correlate with export competitiveness, whereas fluctuations in exchange rates exert negative effect. In pharmaceutical and aerospace industries, key variables remained significant and consistent from 2009–2014 to 2015–2020, showing no improvement in India’s export competitiveness post “Make in India.” Conversely, in arms and ammunition, Regional Trade Agreements (RTA) were a strong negative predictor in pre-policy period, indicating underutilized export potential but this variable became insignificant after 2013. The study suggests targeted incentives for industries with growth potential and inherent comparative advantages.</p>