India ranks 3rd in Global Manufacturing Risk Index among 48 nations
India got third in the list of most-suitable locations for global manufacturing among 48 countries in terms of cost competitiveness and operating conditions, according to property consultant Cushman & Wakefield. China and the US retain the top two positions. India has moved one place higher to rank third, the consultant said in its Global Manufacturing Risk Index (MRI) report.
In the annual ranking of the most suitable locations for global manufacturing among 48 countries, the consultant said India is in top-3 countries this year and an upcoming manufacturing hub globally from an operating condition and cost-competitiveness perspective. The countries spread across Europe, the Americas, and the Asia-Pacific.
“In the backdrop of the Covid-19 scenario, the government has reiterated its agenda to launch fresh measures that would give a boost to set up a more conducive environment to make India a manufacturing hub”. “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,” said Anshul Jain, managing director (India and Southeast Asia), Cushman & Wakefield.
From a baseline scenario ranking that looks equally at operating conditions and cost-competitiveness but does not consider the impact from the current pandemic, China retains the top spot, followed by the US at second and India at third positions, the report said.
The annual Global Manufacturing Risk Index scores each country against 20 variables that make up the three final weighted rankings that cover conditions, cost, and risk.
The Global Manufacturing Risk Index 2020 includes analysis of the impact of Covid-19 on the global manufacturing sector and ranked countries by their projected ability to restart their manufacturing sectors once confinement measures are relaxed and business starts to return to normal.