India set to join top five industrial club

The prediction is based on an “in-depth analysis” of survey responses from “more than 500 chief executive officers and senior leaders at manufacturing companies around the world.”

India is currently at 11th position on the list. South Korea, Canada and Singapore are expected to drop one spot each due to India’s rise.

The report also suggests that the BRIC countries (Brazil, Russia, India, and China) — with the exception of China — seem to have lost their allure as highly competitive manufacturing locations today based on the views of executives responding to this study.

India, however, is projected to move back up to the top five in the world, demonstrating executive optimism for the country in the future, said Deloitte.

The Modi government’s has recently launched “Make-In-India” programme to make the country a hub of manufacturing. In line with the programme, the government has taken several decisions to make it easier for industry to do business in the country. It has also put most of the foreign investment on automatic route so that they do not need permission and there are not too much delays in announcement of investment plan and its implementation on ground.

Deloitte India senior director Kumar Kandaswami said that India is well positioned to take advantage of its younger population segment to make it to one of the world’s most manufacturing competitive nation by 2020.

“The 2016 Global Manufacturing Competitiveness Index shows the importance of policy, investment, and innovation for company and country level competitiveness,” said Deborah L. Wince-Smith, the president and CEO of the Council.