Group is engaged into this, very promising sector of Industry, with its available resources to provide a variety of services as per requirements of our patrons, partners and Clients. In a country like ours, with a population of 1.2 bill plus., this industry sector is of prime importance in all respects. With prime focus on Food & Beverages, Pharmaceuticals & Bio-technology, Capital Goods, Machine Tools, Cement, Consumer Durables, Forging, Metals, Chemicals, Automotives, Tyres. Leather, Paper, Precious Jewellery & Stones, Crafts etc. our endeavour remains to promote all these industries, as our humble contribution towards country, society and global village at large. India has undoubtedly become one of the fastest growing economies in the world over the last two decades wherein the manufacturing sector has contributed significantly. India’s manufacturing sector, which accounts for around 16 per cent of the country’s gross domestic product (GDP), is a very vital component of the development model while ensuring sustainability of the entire economy as it facilitates adequate employment. India’s share in the global manufacturing pie is around 1.8 per cent.
India’s strong talent pool in science, technology and research, and the lowest labour rates in the world are certain factors that give the country a lot of scope to propel its manufacturing sector immensely. Deloitte’s global index, 2013, for 38 nations, has ranked India the fourth most competitive manufacturing nation, behind China, the US and Germany. Not only this, but even the Global Manufacturing Competitiveness Index, 2013, based on a survey of CEOs, executives and other officials of 550 global manufacturing companies, has positioned India as second five years down the line, next only to China.
Driven by a robust pick in new orders and intense purchasing activity, India’s manufacturing sector registered the fastest growth in last five months. The HSBC India Manufacturing Purchasing Managers' Index (PMI) - a measure of factory production - stood at 53.7 in November 2012, up from 52.9 in October 2012, indicating an improvement in the overall health of the Indian manufacturing sector.
Manufacturing: Key Developments and Investments
Manufacturing: Government Initiatives
The Indian Government envisions a great picture for Indian manufacturing sector. It introduced the new National Manufacturing Policy in 2011 under which it has set itself a target to ensure that 25 per cent share of the GDP comes from manufacturing by 2025 while 100 million job opportunities are created in the sector. Major objectives of the policy are:
Meanwhile, the Bengal Government's standing committee on infrastructure development and industry has approved investments proposals worth Rs 6,050 crore (US$ 1.11 billion) by four companies (Power Grid Corporation, SPS Steel and Power Ltd, ACC Cement and Ankit Metals and Power Ltd) in the manufacturing sector.
On the similar lines, Uttar Pradesh’s Chief Minister (CM) Akhilesh Yadav has given an in principle approval for two mega leather cluster projects in Hardoi and Kanpur districts and has promised all possible help from the state administration to these green field mega clusters which would bring an investment of around Rs 2,000 crores (US$ 367.82 million).
The CM has also directed officials of UP State Industrial Development Corporation (UPSIDC) to make available land for these projects.
India is poised to become the second largest economy in manufacturing by 2017, followed by Brazil as the third ranked country, according to consulting major Deloitte.
Moreover, manufacturing exports from India could increase from US$ 40 billion in 2002 to about US$ 300 billion by 2015, according to report titled ‘Made in India-the Next Big Manufacturing Export Story’, jointly prepared by industry body CII and McKinsey. The report assesses that such an expansion would make India rake-in a share of approximately 3.5 per cent in the world manufacturing trade.