India ranked 3rd most lucrative manufacturing location
According to recent Global Manufacturing Risk Index (MRI) report by property consultant Cushman & Wakefield, India ranks third in the list of most-suitable locations for global manufacturing among 48 countries in terms of cost competitiveness and operating conditions. Rising one spot from its previous position, the report said that India is an upcoming manufacturing hub globally from an operating conditions and cost-competitiveness perspective.
While from a baseline scenario ranking that looks equally at operating conditions and cost-competitiveness but does not consider impact from the current pandemic, India ranks third after China & USA. From a cost perspective, though, India is at 3rd position after China and Vietnam. However, in terms of risk scenario, India has acquired a 30th spot, after countries that present lower levels of political and economic risks.
“At a time like this, India ranking amongst top-3 on the most suitable locations for global manufacturing comes as a shot in the arm for the country,” noted Anshul Jain, managing director (India and Southeast Asia), C&W.
The annual Global MRI scores each country against 20 variables that are eventually clubbed into the three final weighted rankings that cover conditions, cost and risk. This year’s analysis includes the impact of COVID-19 on the global manufacturing sector and ranked countries by their projected ability to restart their manufacturing sectors once lockdown measures are relaxed and business starts to return to normal.