India is largely moving towards high-end manufacturing with the Government announcing multiple reforms and policies in the sector. Indian manufacturing industry is largely driven by low-cost, skilled labour, adequate land laws and reasonable cost of capital. It is believed that India's manufacturing sector has the potential to create up to 90 million jobs by 2025. Today, the sector generates about 45 million jobs, 80 per cent of which are in the un organised segment.
India is increasingly adopting global approach to become a strategic player on international platform. Entry of foreign companies in manufacturing industry has anchored technology-based orientation which is subsequently helping India create a core and contemporary manufacturing sector, fed by ancillary manufacturers that rely on simple technical skills.
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.
The HSBC India Manufacturing Purchasing Managers' Index (PMI) - a measure of factory production - stood at 50.1 in May 2013. The official data showed that the Indian economy grew 4.8 per cent in the January-March 2013 quarter. Manufacturing sector recorded a year-on-year (y-o-y) growth at 2.6 per cent in the three months to March 2013.
Some of the positions CORE is working on now