The manufacturing sector of India is re-emerging as the backbone of the Indian economy with the recent budget giving a renewed thrust to Manufacturing through Atmanirbhar Bharat. India has for many years been a favorable choice for most foreign companies due to its cheap labor costs, huge domestic market besides attractive government incentives. Major companies have considered shifting their manufacturing base in India due to the favorable and growing market demand and extensive support from manufacturing consultants in India. Among the countries in the world that are likely to make more progress in the manufacturing sector, India is at forefront of the race and most certainly offers a cost-effective manufacturing base compared to other countries.
India is the world’s 6th largest economy with a GDP of USD 2.3 trillion and has the potential to reach USD 8.4 trillion by the end of 2030. The manufacturing sector in India currently accounts for nearly 17% of India’s GDP and employs around 2.73 crore people. With the improvement in the economic scenario in India and ease of doing business in the country, many multinationals are looking at setting up manufacturing units here. India’s labor market proves to be extremely cost-effective in the manufacturing sector for foreign investors in matters of sourcing from India. Strengths like favorable business conditions, a young labor force, and large pool of engineers, FDI relaxations and supportive infrastructure incentive schemes can help India become a manufacturing powerhouse in the coming years and possibly the world’s manufacturing hub. The sectors like textiles, auto components, machine tools, pharmaceuticals, chemicals and petrochemicals have proven to be shining examples of world-class excellence in manufacturing. In fact India is already labelled as the “pharmacy of the world”.
The greatest priority of the manufacturing consulting firms in India is to help domestic and foreign investors understand the market and invest in the brightest manufacturing sector. The manufacturing consulting companies in India can also help with foreign funding under the government route and the automatic route and thus help the country to accomplish its objective of turning into world’s third biggest economy by 2030. It is important to choose the most appropriate and resourceful manufacturing consultant in India not only for short-term planning but also for long term success. Industry Experts with their extensive network of resources across the various services and operational requirements including suppliers of raw materials and capital equipment across different manufacturing sectors and industries helps the offshoring company go through the process smoothly avoiding time and cost over runs.