Manufacturing for domestic consumption needs to be encouraged

By admin June 26, 2014 7:20 am IST

With a large consumer base, India is a consumption-driven economy and manufacturing for domestic consumption has to be encouraged and facilitated
 There are various reasons for India’s manufacturing competitiveness like manufacturing quality and skills, cheap raw materials, competitive labour cost, software and service support, large domestic advantage, global supply capability etc.  Ameer Munaff talks about what should be India’s line of action in this ever-challenging competitive sector.
Promising in raceSuccess of Indian manufacturing companies or enterprises largely depends on their innovative abilities, the manner in which they can launch new products at cost-effective price points and promote the same as distinct from other similar products available. India looks promising in the race as it has been constantly growing in this direction and becoming a competing manufacturing hub to Asian and other developing countries as well.
In this competitive market of speed and precision, processes that bring a huge difference by way of giving cost effective and efficient solutions for the toughest industrial applications have unlimited opportunities in global markets.
Driving factorsThe manufacturing sector in India is facing a long range shifts including changes in patterns of demand, talent shortages, adopting new technologies and innovations, and the effects of government policies to promote and support domestic manufacturing. Rising factor costs will push companies to raise productivity.
With a large consumer base, India is a consumption-driven economy and manufacturing for domestic consumption has to be encouraged and facilitated. This will help in creating large employment opportunity in the organised sector and fuelling the economic growth also.

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