India as a Global Manufacturing Hub: Opportunities and Challenges
Introduction India has the potential to become a global manufacturing hub with the involvement of top multinational corporations. By attracting manufacturing units from China and other nations, India can significantly boost its economic growth. This dissertation explores the key factors influencing manufacturing in India, competitor analysis, industry-specific examples, and strategic measures to enhance India's competitiveness in the global market. Factors Affecting India’s Manufacturing Growth Skilled Labour India possesses a large pool of skilled labor across multiple industries, making it an attractive destination for manufacturing firms. The country has a growing workforce with expertise in engineering, IT, and industrial manufacturing. Cost of Labour Compared to China and developed nations, labor costs in India remain competitive. However, labor productivity needs improvement to match global standards. Interest Rates and Taxation High-interest rates on manufacturing units, oft...