India was ranked 30th, behind China but ahead of its other BRICS peers, on the World Economic Forum’s (WEF) Global Manufacturing Index topped by Japan, Hindustan Times has reported. While China was ranked 5th, Russia, Brazil and South Africa stood at 35th, 41st and 43rd positions in the index, respectively.
The ranking was based on the WEF’s ‘Readiness For The Future Of Production’ report, which analyses the development of modern industrial strategies in different countries. The report places all countries in four groups - Leading (strong current base, high level of readiness for future); High Potential (limited current base, high potential for future); Legacy (strong current base, at risk for future); or Nascent (limited current base, low level of readiness for future). India, along with Hungary, Mexico, Philippines, Russia, Thailand and Turkey was placed in the ‘Legacy’ group.
While India was ranked 9th in terms of scale of production, it was ranked 48th for complexity and 3rd for market size. It fared poorly on many parameters, including female participation, tariffs, regulatory efficiency and sustainable resources.
“Home to the second-largest population in the world and one of the fastest growing economies, the demand for Indian manufactured products is rising. India has room for improvement across the drivers of production, except for demand environment where is ranks in the top 5,” the WEF’s report said.
India’s neighbours, Sri Lanka (66th), Pakistan (74th) and Bangladesh (80th), fared poorly. Other countries, including Turkey, Canada, Indonesia, New Zealand, Australia, Hong Kong, Mauritius and the United Arab Emirates, were ranked below India.
Prime Minister Narendra Modi will attend the WEF’s annual meeting in Davos later this month, becoming the second head of Indian government to participate in the event after H D Deve Gowda in 1997.
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