India has ranked 30th on Global Manufacturing Index released by World Economic Forum (WEF). As per ‘Readiness for the future of production report’, related to Global Manufacturing Index, Japan has been found to have the best structure of production.
- It has categorised 100 countries into four groups viz. ‘Leading’, ‘High Potential’, ‘Legacy’ and ‘Nascent’
- Countries in ‘Leading’ Group have strong current base and high level of readiness for future while countries in ‘High Potential’ group have limited current base and high potential for future.
- Countries in ‘Legacy’ group have strong current base but are at risk for future. Countries in ‘Nascent’ group have limited current base and low level of readiness for future
- India has been placed in the ‘Legacy’ group along with Mexico, Philippines, Hungary, Russia, and Turkey, among others.
- India’s neighbour, China features among ‘leading countries’, while Brazil and South Africa are in ‘nascent’ group.
- The report has outlined that India is the 5th-largest manufacturer in the world. In 2016, India’s manufacturing value stood at over USD 420 billion.
- As per WEF data, India’s manufacturing sector has grown by over 7 per cent per year on average in the past three decades, accounting for 16-20 per cent of India’s Gross Domestic Product (GDP).