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Manufacturing
India is fast emerging as a global manufacturing hub. India has all the requisite skills in product, process and capital engineering, thanks to its long manufacturing history and higher education system. India’s cheap, skilled manpower is attracting a number of companies, spanning diverse industries, making India a global manufacturing powerhouse. India with its vast design skills has attracted a lot of outsourcing technological orders.

Economic Survey 2008-09 says
The performance of six core industries comprising crude oil, petroleum refinery products, coal, electricity, cement and finished steel (carbon) grew at 2.7 percent as compared to 5.9 percent in 2007-08.
According to a UNIDO analysis based on 2007 figures mentioned in the International Yearbook of Industrial Statistics 2009, India ranks among the top 12 producers of manufacturing value added (MVA). In textiles, the country is ranked fourth after China, USA and Italy, while in electrical machinery and apparatus, it is ranked fifth. It holds sixth position in the basic metals category; seventh in chemicals and chemical products; 10th in leather, leather products, refined petroleum products and nuclear fuel; twelfth in machinery and equipment and motor vehicles.

Manufacturing still contributes around 15 percent of GDP of the country. Quarterly estimate of GDP for October-December (Q3), 2008-09, according to the Central Statistical Organisation data, for manufacturing stood at US$ 38.1 billion at current prices. According to the data, manufacturing index for the period April to March 2008-09 stood at 2.3 percent.
Growth Trends
Major indicators Nomura’s Composite Leading Index (CLI), UBS’ Lead Economic Indicator (LEI) and ABN Amro’ Purchasing Managers’ Index (PMI), variety of indices that track activity in vital economic sectors, indicate a upward trend in economy owing to growth in the manufacturing sector.

The ABN Amro Purchase Managers’ Index (PMI), an indicator of manufacturing activity in the country based on a survey of 500 companies, has registered an upsurge at 55.3 for April 2009 from a low of 44 in December 2008 and 49.5 for March 2009. A reading below 50 indicates contraction. The new orders index also crossed 50 in April for the first time since October 2008, hinting at marked growth of new business across India’s manufacturing economy.

In the manufacturing sector, the value of new projects announced in the second half of 2008-09 stood at US$ 13.2 billion.

Leather and its products are amongst the top ten export earners for the country and is the 10th largest among the Indian manufacturing sector. Glass manufacturing does not require industrial License. The Indian glass container industry has reported a double-digit growth. The industry, presently dominated by 10 big players such as Hindusthan National Glass & Industries, Gujarat Glass and Associated Glass Industries, closed 2008-09 approximately with a turnover of almost US$ 0.89 billion, with exports accounting for 10 percent of the total industry revenue.

As indicated by a survey conducted among manufacturers, in the current quarter, six out of 12 sectors are likely to witness positive growth. These are textiles, metals and products, machinery, cement, FMCG and miscellaneous industries.

The prices of manufactured items, which have been firming up for the previous eight weeks after slipping from August 2008 onwards, also signal a revival in demand. Capital goods production registered a growth of 10 percent in February, 2009.

Exports from special economic zones (SEZs) rose 33 percent during the year to end-March 2009, far outpacing the country’s overall exports growth of just 4 percent, according to the Commerce Department. According to the data, exports from such tax-free manufacturing hubs totaled US$ 18.16 billion last year.
  • Nokia has already made Sriperumbudur as one of the Global Hubs for manufacturing of mobile phones. Nokia plant in Sriperumbudur has become the worlds largest manufacturing facility for mobile handsets.
  • Daimler has chosen Oragadam, near Chennai for establishing a Global Hub for manufacturing of Heavy Commercial Vehicles.
  • Hyundai has already made Chennai the Global Hub for manufacturing of small cars.
  • LG is looking at making India its global manufacturing hub for its mobile handsets. The company will soon be exporting mobile phones to Europe and the Commonwealth Independent States (CIS) from India.
  • Luxury brands like Louis Vuitton and Frette are looking at India as a manufacturing base for their products.
  • SkodaAuto, a part of the international Volkswagen Group based in the Czech Republic, plans to make India its regional manufacturing hub. It will start producing cars in India by 2010 with a manufacturing target of 50,000 units. Besides the domestic market, these will also be exported to neighbouring countries like Nepal, Sri Lanka, Burma and Bangladesh.
  • Aircraft manufacturer Airbus is considering India as one of the key centers for design and development of its long haul A 350 plane.
  • Bharat Heavy Electricals Ltd (BHEL) has decided to re-enter the wind energy business in a big way this year with focus on equipment manufacturing.
  • Royal Philips Electronics, Europe’s biggest consumer electronics group, plans to make India a hub for developing and manufacturing products for global markets and sourcing components across its core areas of lifestyle, healthcare and lighting.
  • Cryolor Asia Pacific, a wholly-owned subsidiary of France-based Cryolor SA, is setting up a facility to manufacture storage equipment for liquefied gases. The company will invest US$ 8.9 million in the unit coming up at Melmaruvatur, 110 km from Chennai.
  • Samsung plans to invest US$ 100 million over a period of four years in its manufacturing plant near Chennai and make it its global hub.
  • Hyundai has made India the manufacturing and export hub for its small cars. The i10 is being manufactured only in India and exported to the world. India is Hyundai’s largest base outside Korea.
  • Suzuki too is making India its manufacturing hub for small cars. The Ritz is being manufactured solely in India and exported to Europe.
The Road Ahead
The rapid growth of the Indian economy is likely to make India the fifth largest consumer market in the world by 2025 from twelfth in 2005, according to a study by McKinsey Global Institute. Aggregate Indian consumer spending is likewise estimated to more than quadruple to approximately US$ 1.5 trillion by 2025, on the back of a ten-fold increase in middle class population and a three-fold jump in household income.

The manufacturing sector is estimated to have a US$ 180-billion investment opportunity over the next five years, according to the Investment Commission of India.

Exchange rate used: 1 USD = 50.64 INR (as on March 2009 )
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