The Indian economy is based upon three important sectors that offer pillaring support to the economy's fast growth rate. These three sectors include agriculture, manufacturing industries and service sector. Earlier, the agriculture sector was a dominating sector. At present, it is the service sector which has maximum contribution towards the country's GDP.
However, the future of manufacturing industrial sector is big and bright. The manufacturing industries in different segments are constantly on a rise and the industrial products from India are increasing in demand all over the world. Among the developing and emerging economies, the manufacturing industrial sector of India ranks at fourth position and it is expected to keep on moving ahead of other economies.
Way back in 1990, India and China started from the same point. The GDP values for both the countries were more or less same. However, China took the initiatives in the manufacturing sector and started progressing in the production of different industrial products at a fast pace. Today, there is a huge gap between the GDP values of the two countries, with China leading and still going strong. It is not wrong to say that China will soon secure its position at number two among the most powerful economies of the world.
The economical reforms that began in India in 1990s have started bearing fruits. Industrial de-licensing and removal of ban from foreign investments allowed the foreign manufacturing companies to make investments in India. Besides, India has made a huge progress in the field of science and technology. Above all, India already has a big pool of technical talent in the form of its workforce which is specialized in different fields of manufacturing.
Another factor that is favorable to the growth of the industrial products manufacturing industry is the availability of the workforce and labor at a much cheaper rate in Indian as compared to various North American and European countries. Being a member of the world Trade Organization, the Indian economy is fast adapting the international standards of manufacturing and exporting industrial products and industrial supplies. Subsidization practices followed by the Indian government too support the growth of the manufacturing industries, especially those at the small and medium scales.
Here are some of the main highlights of the manufacturing industries in the country that are worth taking a look at:
* The Indian chemical manufacturing industry is among the top industrial products manufacturing industries as it contributes nearly 30 billion dollars towards the total GDP value every year.
* The growth in the pharmaceutical product manufacturing in the country is driven by lower costs involved in the research and development as well as low cost of manufacturing of medicines.
* Auto manufacturing industry is also on the rise as both domestic as well as international manufacturers are investing big in the industry.
* Glass manufacturing, rubber manufacturing, electrical component manufacturing industry and many other segments of manufacturing industry are too developing fast in the country.
There is need to develop infrastructure and manage the energy resources effectively, so that the growth of the manufacturing industries in the country keep on moving further towards growth and progress.