Is India going to be the next manufacturing hub
The inspiring growth story of India has evolved from an agricultural economy to a services-centered economy. Manufacturing in India has displayed tremendous resilience during and after the second wave of the COVID-19 pandemic.
Can India surpass the manufacturing supremacy of China? The world’s constantly increasing focus on India indicates India’s cost competitiveness and operation conditions. The successful completion of outsourcing requirements is also the reason for the increase in India’s global rankings. Though, currently, China is leasing the global manufacturing world. Around 30% of the Economic output of China comes from this sector.
Did the pandemic affect and change the manufacturing sector?
Global manufacturing was severely affected by the pandemic and resulted in a decline in manufacturing in 2020 due to the prevention strategies in social and economic lockdowns. These social and economic lockdowns had a crucial impact on demand and supply.
Demands of consumers were declined due to apprehensions caused by business cessations, remote working, job losses, and travel restrictions. Meanwhile, the production of several goods halted globally for several months.
How the world witnessed the shift of manufacturing from China to India?
The American Chamber of Commerce in Shenzhen, China, probed its manufacturing membership and concluded that over 30% were in the procedure of shifting some of its manufacturing out of China.
Apple, the global giant in technology, announced its assembly shift of the iPhone 11 in July 2020 from China to India. After a few weeks, Samsung and numerous other suppliers of Apple applied for the incentive program introduced by the Government of India aimed towards the giant manufacturers of electronic items.
Have you noticed that China has rephrased the term “MADE IN CHINA” to “ENGINEERED IN CHINA”? Why is it happening? It is because the global entities have now started realising that India is gradually laying the foundation for a better and cheaper place for them to outsource manufacturing.
Is the “Make in India” making the new India?
The “Make in India” move is making a difference and empowering the manufacturing excellence of India globally.
It can be seen how manufacturing became an integral part after the launch of the “Make in India” move. The innovative trade policies and beneficial manufacturing capabilities of India have dragged the attention of several big entities around the world. The “Make in India” move has benefited different industries, especially the electronic sector.
The Indian electronic and goods industry is growing at a good pace. It is happening because in-house manufacturing is increasing and we are now less dependent on imports. The nation is now gradually getting self-dependent and the voyage to absolute development and becoming the global manufacturing hub has begun.
Is the guts and glory of the textile sector rewarding it?
The textile sector is also gaining momentum. A shift in the preferences of people has put sustainability in the driving seat. The introduction of natural dyes has transformed the dyeing preferences from synthetic to natural dyes. AMA Herbal is also helping the cause with its exclusive range of 100% natural dyes made from natural ingredients and natural wastes like pomegranate peel.
This export value can be more exhilarating by dyeing the textiles with natural dyes. It would also strengthen the cultural richness of Indian handicrafts along with regenerating employment opportunities for the artisans.
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WHY IS THE ISSUE OF SUSTAINABILITY IMPORTANT FOR DEVELOPMENT?
