This Time Modi Government Got 100 Percent Success In This Case, Countries Like China-Vietnam Fell Back Again!: India is moving towards great success again. Not only that, our country can compete with China in the manufacturing sector in the next few years. Because the cost of production in India is the lowest in the world. According to US News and World Report sources, India has become the cheapest country in the world in terms of production cost, leaving behind China and Vietnam.
India got 100 percent marks: Basically, India is reported to have scored 100 percent in terms of cheapest production. In this case, the results of this study are very important. It should be noted that the central government is constantly trying to make India one of the manufacturing hubs in the world. This mission was started by Atma Nirbhar Bharat Abhiyan during the first wave of Corona 2 years ago. Apart from attracting foreign companies for this purpose, several big companies of the world have also started production in India through schemes like Production Linked Incentive (PLI). Also, India’s manufacturing sector has benefited greatly from a reduced compliance burden.
A total of 85 countries were included in the survey: US News And World Report evaluated 85 countries on a total of 73 parameters. These features were divided into 10 sub-segments. These included criteria such as adventure, initiative, entrepreneurship, openness for business, social purpose, and quality of life. However, despite performing well in reducing the cost of production, India lags behind the rest of the countries in many other parameters. India scored 16.2 out of 100 in the “Favorable Tax Environment” segment and only 18.1 in the “Not Corrupt” category. Also, our country scored only 9.9 in the “Economically Stable” sub-segment. On the other hand, India scored only 3.5 points in terms of transparent government policies. Also, India scores very poorly in the “Quality of Life” category, and in its sub-segment i.e. “Income Equality”, India scores only 1.9 points. Also, India scored 4.3 in Safety and 2.3 in Well-Developed Public Health System.
India leads China-Vietnam in cost of production: India is ranked 31st overall in the list of 85 countries. On the other hand, India ranks 37th in the “Open for Business” category. The sub-category of this segment was the cost of production, in which India scored 100 percent. Note that China ranks 17th in the “Open for Business” segment. But in terms of cost of production, China ranks second behind India. Also, Vietnam ranks third in terms of production costs. Also, the country is reported to be ranked 47th in the “Open for Business” category.
Switzerland tops the list: Overall, Switzerland topped the list based on scores for all parameters. Basically, Switzerland topped the ranking, trailing Germany, Canada, the United States, and Sweden.
India has great opportunities: While China has improved its manufacturing base in the last few years, India has made considerable progress in the service sector. Meanwhile, the way the world equation has changed post-Corona and India has made its manufacturing sector more attractive is truly commendable. Basically, this growth in the service sector is due to the relatively cheap “manpower” in India knowing English. Those who work in the same way in the future will contribute to the growth of the country. In this case, if India really overtakes China in terms of manufacturing, there is no stopping India from becoming the world’s largest economy. Besides, India may also get the title of “World Factory” along with “Back Office of the World”.