New Delhi: The World Economic Forum (WEF) has ranked India at 30th position on a global manufacturing index. In its first “Readiness for the future of production” report, Japan has been found to have the best structure of production and is followed by South Korea, Germany, Switzerland, China, Czech Republic, the US, Sweden, Austria and Ireland.
Among BRICS nations, Russia is ranked 35th, Brazil 41st and South Africa at 45th place.
The report has placed India in the Legacy group along with Hungary, Mexico, Philippines, Russia, Thailand and Turkey, among others. China figures among ‘leading countries while Brazil and South Africa are in nascent ones.
In the India context the report 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. It said, India has room for improvement across the drivers of production, except for demand environment where is ranks in the top 5.
The report also mentioned that the human capital and sustainable resources as the two key challenges for India and said the country needs to continue to raise the capabilities of its relatively young and fast-growing labour force.
It also took note of the government’s ‘Make in India’ initiative to make the country a global manufacturing hub and of a significant push to improve key enablers and move towards a more connected economy with announcement of a 59 billion dollars investment in infrastructure in 2017.