India ranks 30 on WEF Global Manufacturing Index; Japan ranks no 1
The World Economic Forum released a report on Sunday, that ranked countries according to their Global Manufacturing Index. India made it to the 30th position, while Japan topped the list. Geneva based WEF found Japan with the best structure of production in the 'Readiness for the future of production's report'.
Countries like South Korea, Germany, Switzerland, China, Czech Republic, US, Sweden, Austria and Ireland, followed Japan in the top ten.
The report analyses the development of modern industrial strategies and collaborative action. For the segregation of the same, it categorised 100 countries in four main groups- Leading, High Potential, Legacy, and Nascent.
The first category of 'Leading', included those countries that have a strong current base, and high level of readiness for the future. The next category of 'High Potential', included countries with limited current base and at high potential for future. The third category, 'Legacy', covered countries that have strong current base, at risk for future. The fourth and last category of 'Nascent', had countries that have a limited current base, and low level of readiness for future.
India has been placed under the category of 'Legacy' along with countries like Mexico, Philippines, Russia, Thailand, Turkey and others. While China got placed among 'Leading' countries, Brazil and South Africa found places among the 'Nascent' countries.
In case of India, which is the fifth largest manufacturer of the world, it had a value added of over US$420 billion in 2016. The WEF stated that the country's manufacturing sector has grown by over 7 per cent per year over the past three decades. It also added that the manufacturing sector accounts for about 16-20 per cent of India's GDP.
“Home to the second-largest population in the world and one of the fastest growing economies, the demand for Indian manufactured products is rising. India has room for improvement across the drivers of production, except for demand environment where is ranks in the top 5,” said WEF.
It also mentioned that the two important challenges for India are human capital and sustainable sources. Upgradation of education curricula, revamping vocational training programmes, improving digital skills, diversifying its energy sources and reducing emissions were some of the measures suggested by WEF to the Indian manufacturing sector to expand.
In terms of scale production, India found itself in the 9th position. For complexity on the other hand, it ranked 48th. However, India's performance was the best under market size, thus bagging the third rank.
The areas where India was observed among the worst performers, were female participation in labour force (lower than 90th), trade traffics, regulatory efficiency and sustainable resources.
In an overall picture, India ranked better than its neighbours including Sri Lanka (66th), Pakistan (74th), Bangladesh (80th). Other countries also ranked below India, were Turkey, Canada, Indonesia, New Zealand, Australia, Hong Kong, Mauritius and UAE.
Another list was also prepared by the WEF, that ranked countries best positioned to capitalise fourth industrial revolution to transform production systems. While US topped the list, Singapore, Switzerland, UK and Netherlands followed in the top five ranks. India ranked 44 in the list, while China ranked 25 and Russia ranked 43. However, India saw a better position than Brazil and South Africa that ranked 47th and 49th, respectively.
The report analyses the development of modern industrial strategies and collaborative action. For the segregation of the same, it categorised 100 countries in four main groups- Leading, High Potential, Legacy, and Nascent.
The first category of 'Leading', included those countries that have a strong current base, and high level of readiness for the future. The next category of 'High Potential', included countries with limited current base and at high potential for future. The third category, 'Legacy', covered countries that have strong current base, at risk for future. The fourth and last category of 'Nascent', had countries that have a limited current base, and low level of readiness for future.
India has been placed under the category of 'Legacy' along with countries like Mexico, Philippines, Russia, Thailand, Turkey and others. While China got placed among 'Leading' countries, Brazil and South Africa found places among the 'Nascent' countries.
In case of India, which is the fifth largest manufacturer of the world, it had a value added of over US$420 billion in 2016. The WEF stated that the country's manufacturing sector has grown by over 7 per cent per year over the past three decades. It also added that the manufacturing sector accounts for about 16-20 per cent of India's GDP.
“Home to the second-largest population in the world and one of the fastest growing economies, the demand for Indian manufactured products is rising. India has room for improvement across the drivers of production, except for demand environment where is ranks in the top 5,” said WEF.
It also mentioned that the two important challenges for India are human capital and sustainable sources. Upgradation of education curricula, revamping vocational training programmes, improving digital skills, diversifying its energy sources and reducing emissions were some of the measures suggested by WEF to the Indian manufacturing sector to expand.
In terms of scale production, India found itself in the 9th position. For complexity on the other hand, it ranked 48th. However, India's performance was the best under market size, thus bagging the third rank.
The areas where India was observed among the worst performers, were female participation in labour force (lower than 90th), trade traffics, regulatory efficiency and sustainable resources.
In an overall picture, India ranked better than its neighbours including Sri Lanka (66th), Pakistan (74th), Bangladesh (80th). Other countries also ranked below India, were Turkey, Canada, Indonesia, New Zealand, Australia, Hong Kong, Mauritius and UAE.
Another list was also prepared by the WEF, that ranked countries best positioned to capitalise fourth industrial revolution to transform production systems. While US topped the list, Singapore, Switzerland, UK and Netherlands followed in the top five ranks. India ranked 44 in the list, while China ranked 25 and Russia ranked 43. However, India saw a better position than Brazil and South Africa that ranked 47th and 49th, respectively.
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