India became the second largest manufacturing hub in the world

New Delhi: India has emerged as the second most lucrative manufacturing hub in the world, reflecting the growing interest in India as a preferred manufacturing hub by other countries, including the US and the Asia-Pacific region. This is mentioned in Cushman & Wakefield's 2021 Global Manufacturing Risk Index.

The biggest reason to focus on India is the operating conditions. At the same time the country's success in meeting the outsourcing requirements has led to an increase in the rankings every year.

India's position in the Global Manufacturing Risk Index has shifted this year to second place, beating the United States, while last year India was third in the top-3 in the list. China tops the list.

'India has changed from an agricultural economy to a service economy in its development story. The country has almost forgotten the manufacturing aspect in this transmission. Yet with the help of cost and talent it gives India a favorable position in the global rankings. Indian manufacturing has shown great resilience during and after the second wave of Covid-17. But in order to gain the confidence of investors and achieve the objective of Make in India, we have to focus on land and labor reforms and upgrade the information sector.

'Other markets have taken advantage of the growing demand for key products such as microprocessors, computer chips and pharmaceuticals. South Korea has benefited from the rising value of semiconductors, which grew by 12.5 per cent year-on-year in January 2018 amid strong demand and a global shortage of products, including information and communication technology (ICT).