January 14, 2018
The report studied the evolving manufacturing techniques and business models in line with the Fourth Industrial Revolution and emerging technologies— such as the Internet of Things, artificial intelligence, robotics and additive manufacturing— across the world
The report said that India is the fifth largest manufacturer in the world with a total manufacturing value added of over US$420 billion in 2016. Over the last three decades, India’s manufacturing sector has grown by over 7% per year, accounting for 16-20% of GDP
The report said that the key challenges facing India right now are human capital and sustainable energy resources, adding that the Indian Government has made a significant push to improve key enablers, recently announcing a US$59 billion investment in infrastructure in 2017
This report comes ahead of the World Economic Forum Annual Meeting, which will be held in Davos from January 23-26, attracting over 3,000 leaders from 100 countries. Shri Narendra Modi will attend the meeting - the first by an Indian Prime Minister in over 20 years
India is powering ahead to establish its indigenous manufacturing and innovation capacity as one of the best in the world through landmark initiatives such as Make in India, Startup India, Skill India and Digital India. The successes of these ventures have been ratified with India ranking 30th on the World Economic Forum’s Future of Production Report 2018. The report by the Switzerland-based international organisation has studied the evolving manufacturing techniques and business models in line with the Fourth Industrial Revolution and emerging technologies— such as the Internet of Things, artificial intelligence, robotics and additive manufacturing— across the world. This falls in line with the Government of India’s strategy to augment national production quality as well as capacity with the latest in technology in order to adapt to the changing market demands.
The first-of-its-kind report by the World Economic Forum lists the world’s top 100 economies into four groups – Leading, Legacy, High-Potential and Nascent – on the basis of upgradation of industrial techniques and practices. India was graded under Legacy Countries, which were defined as having solid current production base with the need to reskill and upskill workers, while upgrading technological, Governmental and infrastructural platforms. The report provides improved yardsticks to India when it comes to setting up infrastructure and services required to encourage investment and entrepreneurial activities. The report said that India is the fifth largest manufacturer in the world—with a total manufacturing value added of over US$420 billion in 2016. Over the last three decades, India’s manufacturing sector has grown by over 7% per year, on average, while accounting for 16-20% of GDP.
The report said that the key challenges facing India right now are human capital and sustainable energy resources – two issues that are receiving special attention from the Indian Government. The report also acknowledged that the Indian Government has made a significant push to improve key enablers and move towards a more connected economy, most recently announcing a US$59 billion investment in infrastructure in 2017. Meanwhile, in terms of scale of production, India ranked 9th, while in market size, India came in 3rd. This report comes ahead of the World Economic Forum Annual Meeting, which will be held in Davos from January 23-26, attracting over 3,000 leaders from 100 countries. The theme for this year’s annual meet has been decided to be “Creating a Shared Future in a Fractured World.”
Shri Narendra Modi will attend the meeting – the first by an Indian Prime Minister in over 20 years. The world’s eyes will be on PM Modi as he delivers the keynote address at the inaugural plenary session of the World Economic Forum on January 23rd. Special India-focussed sessions will be held at this year’s Forum. Meanwhile, India’s Ministry of Commerce and Industry will hold the welcome reception for the summit – another first – which will showcase business opportunities in India as-well-as Indian heritage and Indian cuisine. PM Modi will hold a string of bilateral meetings with top global business leaders and heads of states during his two-day visit. His entourage will include six Union Ministers, among other high-ranking officials, who will represent India in around 25 sessions organised on Next Generation Industrial Strategies, Infrastructure acceleration, Fourth Industrial Revolution, Future of employment in manufacturing and production, among others. Additionally, around 11 roundtables will be organized by Invest India and Confederation of Indian Industry’s existing and potential investors.
Japan, the powerhouse of innovation, topped the global manufacturing index, followed by South Korea, Germany, Switzerland, China, Czech Republic, the USA, Sweden, Austria and Ireland in the top 10 rankings. While India was behind China, the country topped its other BRIC partners, namely Russia, Brazil and South Africa that came in the 35th, 41st and 45th place, respectively. Other countries that ranked below India in terms of manufacturing infrastructure, includes Norway, Brazil, Canada, Australia, the The United Arab Emirates, among others.