India emerges as second most desired manufacturing destination, surpasses US
India had moved up to the third place from the fourth spot last year and now has gained one more spot upward to rank after China.
FollowIndia has emerged as the second most desired manufacturing destination, surpassing the United States, indicating the growing interest shown by manufacturers in India as a preferred manufacturing hub.
According to Cushman & Wakefield’s 2021 Global Manufacturing Risk Index, the rising focus on India can be attributed to the country’s operating conditions and cost competitiveness. It is said, reforms to both land and labour laws are critical to India’s success as a global manufacturing location.
This year, India and the US swapped places--second and third---taking India one rank above from the rankings released last year, when India stood at the third place.
India had moved up to the third place from the fourth spot last year and now has gained one more spot upward to rank after China.
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According to reports, Anshul Jain, Managing Director – India and South East Asia Pacific was quoted saying, “India in its growth story transitioned from an agricultural economy to a services economy. The country nearly skipped the manufacturing leg of this transition. Yet on the back of cost and talent India finds itself favourably placed in the global rankings. Indian manufacturing has also shown great resilience during and post the second wave of Covid-19. But to have greater investor confidence and unleash the Make In India agenda, we will have to address land and labour reforms and also upgrade infrastructure across sectors.”
Dominique Brown, Head of Insights and Analysis, Cushman & Wakefield Asia Pacific was quoted saying, “Other markets also capitalized on heightened demand for key products such as micro-processors, computer chips and pharmaceuticals. South Korea has benefited from the soaring value of semiconductors, stemming from strong demand and a global shortage of product with Information and Communication Technology (ICT) manufacturing up 16.8% year over year in January 2021.”
The index assesses the foremost advantageous locations for global manufacturing among 47 countries in Europe, America and Asia Pacific. The rankings are determined based on four key parameters including the country’s capability to restart manufacturing, business environment including availability of talent and labour, access to markets, operating costs and the risks like political, economic and environmental.
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