Manufacturing Cost in India: India is achieving new heights every day in the manufacturing sector. By leaving countries like China, India has become the country with the cheapest manufacturing cost in the world. According to the data compiled by The World Ranking, India has topped the list followed by countries like China and Vietnam.
According to the new data, In the year 2023 India has scored 100 percent in terms of manufacturing on a scale of 100. Last year US media also said in a survey report that India has the cheapest manufacturing cost as compared to other countries. Although before that China and Vietnam dominated the region.
These countries in the top ten
India is at the top in the cheapest manufacturing cost in the world. It is followed by China and Vietnam, at number four is Thailand in terms of cheaper manufacturing cost. Philippines at fifth, Bangladesh at sixth, Indonesia at seventh, Cambodia at eighth, Malaysia at ninth and Sri Lanka at 10th.
Focus on making India a global manufacturing hub
The Government of India is trying to make the country a center of manufacturing. Manufacturing is being promoted under the Central Government’s scheme Make in India. At the same time, work is also being done to bring foreign companies to India and attract them towards Indian products under self-reliant India. So that the manufacturing capacity in the country can increase further.
Companies coming to India from China
Manufacturing is done the most in China, but is behind India in terms of cheap cost. At the same time, foreign companies based in China are now looking for manufacturing opportunities in India. For some time, the business of mobile to automobile has increased rapidly in India, which has attracted the attention of foreign companies. Apart from this, the business situation in China has also worsened due to the outbreak of Covid. Due to all these reasons, companies from China are coming to India. Recently, Samsung opened its office in India. At the same time, Apple is also closing business with China and making a retail shop in India. Apart from this, Chinese company Xiaomi and others are also opening branches for their manufacturing in India.