According to a recent study done by KPMG titled Global Manufacturing Outlook (GMO), it feels that India can grow as a manufacturing destination because of its growing customer affluence and strong economic growth. Moreover, the government’s thrust on improving the infrastructure is also proving to be pivotal in making India a reliable manufacturing bet.
The report is based on a survey conducted with 360 senior executives from the domain of aerospace, defence, automotive, engineering, medical devices etc in the US, Europe and Asia.
According to S.V.Sukumar, partner and head of industrial manufacturing, KPMG India, the country is emerging as a best bet for manufacturing as we see manufacturers around the globe deal with a lot of uncertainty.
KPMG says that nearly 62 per cent respondents in India has said that they have significant plans of increasing their investments in the country and launch new products. Moreover, the ‘Make in India’ initiative is going at the right direction and KPMG feels that India should start exporting to neighbouring countries before positioning itself as a global manufacturing hub.
India also needs to be very cautious in terms of policies which they come up with and they should be in sync with the country becoming a favoured manufacturing destination.
By Atanu Kumar Das