An Overview of growth rate of manufacturing sector in India

The manufacturing sector plays an important role in the Indian economy. Manufacturing and the rest of the economy are strongly interrelated. A decline in the manufacturing sector can create a major problem for economic growth. The liberalization of the economy especially after the removal of the restrictions on foreign investment has opened a wide range of opportunities for the manufacturing industries. Moreover the growing manufacturing sector in India will create wide job opportunities for the professionals.
The success of the manufacturing industry solely depends upon the innovations, research and development. The contribution of three important sectors namely agriculture, manufacturing industries and service sector has immensely contributed to the fast growth of Indian economy. A significant growth in the new economy industries like Information Technology and biotechnology has been noticed. India has also made a major progress in the field of science and technology. The manufacturing industry is a major source of rapid productivity growth. It has been observed that from the past few years the Indian manufacturing sector has been growing at a rapid rate. According to a recent study it is assumed that by the year 2025 India will become the fifth largest consumer market in the world. Engineering products, automobiles, etc are all being manufactured by multinationals in India. The advancement in the manufacturing sector is due to the improvement in the market conditions, superior quality goods, new export orders, etc. The Indian brands that used to operate locally have now started competing internationally. Not only this, the well known multinational brands known globally like Google, Microsoft, Coca Cola, etc are strongly functioning in India. The industrial products from India are increasing in demand all over the world. Moreover India has extremely talented technical professionals who are specialized in distinctive areas of production. Also the workforce and labor are available at a much cheaper rate in India as compared to the other countries which in turn is attracting a number of companies. Therefore due to all these reasons more and more multinational companies are setting up their manufacturing base in the country.
Some of the main highlights of the manufacturing industries in India that are commendable and significant are as mentioned below:

1 Skoda Auto is looking forward to make India its regional manufacturing hub. Ford is looking at making India its manufacturing hub for engine manufacturing.
2 The Indian chemical manufacturing industry is known to produce the top most quality industrial products.
3 Similarly a growth in the pharmaceutical product manufacturing, glass manufacturing, electrical component manufacturing industry, etc can be seen.
4 As both the domestic as well as international manufacturers are investing in the Auto manufacturing industry so this industry has been growing at a rapid rate.
5 The Indian machine tool industry has also undergone a drastic change.

The study conducted by ASSOCHAM shows that after the countries like China, Russia and South Korea India will arise as the fourth strongest economy among the G-20 countries from the global crisis. Thus India is fast emerging as a global manufacturing powerhouse.

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