Growth of India Manufacturing Industry Continues Despite Global Economic Recession

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India has emerged as a major player in all types of exports. The country exports almost all types of merchandise. Some popular categories are textiles, apparel & apparels, pharmaceutical products, automobiles, rubber and petroleum products, electrical & electronics, petroleum gas, fertilizers, petroleum products, wood & paper, chemicals, machinery, transport equipment, and allied products. There is a rapid inflow of skilled manpower to take up these jobs.

India needs transformative approaches to revive industries like aerospace,  shipping and IT hardware

The country is witnessing a huge growth in the export of goods. Some top Indian organizations export a high volume of goods. They include Reliance, Tata Group, Reliance Communications, ICICI Bank, Unitech, and Bharti Airtel. Companies like Essar, Mahindra, and Tata are also doing great in their field of outsourcing.

Services sector is seeing a marked rise in India. This sector accounts for almost 70% of the GDP! Lively outsourcing in the IT and BPO sectors has made India one of the most marketable services hubs in the world.

Nowadays, most of the Indian businessmen prefer to purchase finished goods from abroad rather than starting new businesses. The primary reason is that the cost of setting up a new business is very high. Moreover, when the demand for a particular product goes down, the rate of interest charged on an imported item also goes up. It is really hard to start a new business if your financial situation is not robust. That is the main reason why more people are looking for outsourcing their India manufacturing requirements over here.

On the contrary, if you are looking to set up a manufacturing unit in India, there are many benefits. India offers a very attractive market because it is a large market with lots of buyers. As compared to the US market, the price of manufactured goods is a little bit higher but still the Indian market is growing at a fantastic pace.

Outsourcing is one of the best methods through which Indian firms can make & sell more products. However, there is a great requirement for skilled manpower in this sector. It seems that Indian workers are much better than those in the west. The main reason behind this is that the wages and salaries paid to these skilled workers are quite high in India. In fact, the hourly earnings in India are quite high than what one earns in the US.

So, it is certainly an ideal option for you if you want to buy raw materials at low rates. Apart from that, India is one of the biggest suppliers of consumer goods. There are huge market opportunities for the exporters of textiles, apparel and shoes. They have plenty of markets to sell their goods – both local and global. Moreover, India plays an important role in the export of commodities like petroleum, iron ore and coal – making it a lucrative option too.

Most of the businessmen are looking forward to expand their business in India. However, due to the current scenario, only few big players are coming forward to invest in the country. However, there is enough scope to earn huge profits in India through right processes. You must get in touch with the right professionals who can help you out with your business expansion plans. With the help of efficient professionals, you can easily penetrate the market and successfully compete with the global players.

As per the recent survey reports, there is a significant rise in the demand of Indian products across the world. According to a recent research, an Indian product manufactures are expected to export $456 million by the year 2021. This is a huge rise from the $250 million that was estimated in 2021. The reason behind this huge demand is the rising domestic manufacturing sector, the rapid growth of the economy, liberalization policies and rising demand for goods. With so much competition in the market, it becomes difficult for any individual to make profits.

Nevertheless, with good planning & execution, you can surely take your share of the market. With the advent of internet technology, almost everything has become easy. Almost every individual today knows how to use the internet to find out about the products, prices, discounts, promotions & launch new products. Moreover, due to globalization, every Indian citizen can access the World Wide Web and start a business. With this development, Indian exporters can now tap the international markets for their exports.

With the increasing demands, the Indian products are also getting competitive price. This is possible because of increased competition in the market. India’s growth rate is one of the main reasons due to which the prices of Indian products have come down in the recent years. On the other hand, with liberalization policies implemented by the government, the local manufacturing sector too is developing at a great pace. This is one of the main reasons due to which the export goods of India are gaining global popularity.

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