WEF India ranks 30th on global manufacturing index; japan tops

WEF India ranks 30th on global manufacturing index;  japan

NEW DELHI / GENEVA: The World Economic Forum (WEF) has ranked India at 30th position on a global manufacturing index – below China 5th place but above other BRICS peers, Brazil, Russia and South Africa. japan Geneva, Switzerland, China, Czech Republic, the US, Sweden, Austria and Ireland in the top 10. Among BRICS nations, Russia is ranked 35th, Brazil 41st and South Africa at 45th place. The report, which analyzes the development of modern industrial strategies and urges collaborative action, has categorized 100 countries into four groups – Leading (high current base, high level of readiness for future); High Potential (limited current base, high potential for future); Legacy (strong current base, at risk for future); or Nascent (limited current base, low level of readiness for future). India has been placed in the ‘Legacy’ group along with Hungary, Mexico City, Philippines, Russia, Thailand and Turkey, among others. China figures among ‘leading countries’, while Brazil and South Africa are in ‘nascent’ ones. The 25 ‘leading’ countries are in the best position to gain their production systems on the brink of exponential change, the WEF said in the report published ahead of its annual meeting in Davos, Switzerland later this month. At the same time, no country has reached the frontier of readiness, let alone harnessed the full potential of the Fourth Industrial Revolution in production. About India, the 5th-largest manufacturer in the world with a total manufacturing value added over $ 420 billion in 2016, the WEF said the country’s manufacturing sector has grown by over 7 per cent per year on average in the past three decades and accounts for 16-20 per cent of India’s GDP. “Home to the second-largest population in the world and one of the fastest growing economies, the demand for Indian manufactured products is rising. “India has room for improvement across the drivers of production,” said the WEF said. It lists the capital and sustainable resources of the country and the need for continued growth. This update aims at upgrading education, revamping vocational training and improving digital skills, WEF said, while adding that India should continue to diversify its energy sources and reduce emissions as its manufacturing sector continues to expand. It also took off from the government’s “Make in India” initiative to make the country a global manufacturing hub and a “significant push” to improve key enablers and move towards a more connected economy with a $ 59 billion investment in infrastructure 2017. In terms of scale of production, India has been ranked 9th, while for complexity it is at 48th place. For market size, India is ranked 3rd, while areas where the country is ranked poorly (90th or even lower) include female participation in labor force, trade tariffs, regulatory efficiency and sustainable resources. Overall, India is ranked better than its neighbors Sri Lanka (66th), Pakistan (74th) and Bangladesh (80th). Other countries include Turkey, Canada, Indonesia, New Zealand, Australia, Hong Kong, Mauritius and the UAE. The countries ranked better than India include Singapore, Thailand, the UK, Italy, France, Malaysia, Mexico, Romania, Israel, the Netherlands, Denmark, the Philippines and Spain. In a separate list of countries of the United Kingdom, the United States of America, the United States, the United States and the Netherlands in the top five. India has been ranked 44th on this list, while China is at 25th place and Russia at 43rd. However, India is ranked better than Brazil (47th) and South Africa (49th). The report has been developed in collaboration with Kearney and calls for new and innovative approaches to public-private collaboration are needed to accelerate transformation. “Every country faces challenges that can not be solved by the private sector or public sector alone.” New approaches to public-private collaboration

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