Manufacturing: Brief Introduction
According to a study by global management consulting firm McKinsey and
Company, the manufacturing sector in India could grow six-fold to US$ 1
trillion, by 2025. The rising demand in the country and the aspirations of
multinational companies (MNCs) to establish low-cost plants in India, are seen
as reasons for this possible growth. Up to 90 million domestic jobs could be
created by that time, with the sector generating about 25–30 per cent of the
country’s gross domestic product (GDP). India’s rapidly expanding economy gives
domestic entrepreneurs and international players vast opportunities to invest
and grow.
India’s manufacturing sector is vital for its economic progress. Its
contribution to the GDP is 16 per cent, with the potential to grow more. The
government has realized the importance of this sector to the country’s
industrial development, and has taken a number of proactive steps to further
enhance the industry.
Today, India’s attractiveness as a manufacturing centre for foreign companies
is all too apparent. Overseas mobile phone and automobile companies already have
manufacturing plants in India. Luxury brands such as Frette and Louis Vuitton
are looking to do the same, as is major aircraft maker Airbus.
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