The Indian market is increasingly becoming the hub for global manufacturing. There are several reasons behind this. The first and foremost is the comparative advantage of the Indian Market, i.e. India has the world’s largest lower priced items. The second reason is that India has a huge domestic market that can be tapped for the goods and services that need further processing.
The third reason is the large scale availability of cheap labor. The Indian labor force is highly educated. Moreover they are also well organized. They are highly skilled and also have a strong desire to work. Their eagerness to work will boost up the output of any business. India is not only a potential market for the business houses but also a lucrative opportunity for the service sector in the form of jobs.
The India manufacturing sector is seeing a lot of growth. This is mainly due to the increase in the demand for the good. The industrialization of India is going on at a rapid pace and is giving rise to more jobs. Besides, the industrial goods being manufactured in the country are catching the attention of the global clients.
These goods include automobiles, machinery, electrical goods, chemicals, garments, etc. India has the most diverse range of products. It manufactures different types of automobiles, electronics goods, footwear, garments, textiles, electrical goods, chemicals, etc. The automobile industry accounts for a major portion of the market. The automobile industry has developed thanks to the rising fuel prices and is looking forward to new markets.
The services sector accounts for a significant part of the market. It has become an attractive option for those looking for offshore outsourcing services. This has also made the Indian economy to grow in the current scenario. The services sectors include information technology, pharmaceutical engineering, IT services, etc.
The manufacturing companies are able to gain maximum profits as a result of their production. They are able to retain their client’s shares by keeping them satisfied and also by increasing the customer base. This increases their market share and they become profitable. This method of manufacturing not only creates employment but also helps the companies in regaining their lost popularity in the market.
The manufacturing of essential raw materials like iron ore, coal, wheat, rubber, plastic, etc. assists the market in increasing its demand. The demand for the iron ore is increasing mainly due to the increased production in the steel industry. This helps the market in becoming self-sufficient in steel industry. Other essential goods manufacturing is also creating employment in the form of skilled and semi skilled workers.
The service sector also plays a vital role in the economic development of the country. The professionals engaged in the services related activities are gaining high benefits due to the increased demand. These professionals can utilize their skills and get better jobs. The services related activities like software engineering, software development, computer aided design, electrical and electronics engineering, software, telecommunications and many more all will help the country to stay ahead economically.
There are many service oriented business activities in India as well. These services like travel, tourism, tour organizing, etc. have gained the attention of travelers and tourists from all around the world. Many goods manufacturing companies have come up to cater to the growing demands of tourists in India. These goods are specifically customized to meet the needs and interests of tourists.
The country has huge petroleum reserve. This reserve is beneficial for the country in the long run as it reduces the import cost for the domestic market. Moreover, it also helps the oil rich countries to earn profit. In short, the petroleum reserve holds great potential for the country as it provides unlimited earning opportunities. Moreover, the petroleum products manufactured by the domestic industrial set up are making their way into the international market as well. Due to these, the export earnings of the country have increased tremendously.
India is not only popular for its gold and jewelry but is also known for its versatile products like clothing, footwear, leather products, etc. In this respect, the fashion industry of India can be categorized as well. It has created a rage in the global market with its booming demand for fashionable clothes and trendy attire among the young generation. The demand for these clothing items is increasing day by day due to increased number of individuals wearing fashionable outfits in the recent times. Clothing industry is gaining popularity as the demand for fashionable wears is increasing rapidly in the market and it is expected to touch new heights in upcoming years.
The services sector of the economy has also played an important role in India’s economic growth. Services like IT services, BPO, and software developing are gaining a lot of momentum and have become major concerns in the minds of global investors. Similarly, the textile and garments segment of the manufacturing industries is witnessing a tremendous growth and has encouraged the large scale production of the goods in India. All this means that the India manufacturing industries are on track to achieve great success in the coming years.