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Industries

Manufacturing

The manufacturing industry is the backbone of any economy. This industry in many countries is in a state of transition. It is growing rapidly in developing countries and has shrunk in most advanced economies. The manufacturing industry also faces several significant challenges like lending shortages, volatility of the currency, sustainability of supply chains, and downward pressure on prices. It has changed rapidly in the last few years and still remains a vital part of all economies in the world.

India in particular needs to ensure growth in its manufacturing sector for economic development. The ‘Make in India‘ initiative has put India on a path of becoming a hi-tech manufacturing hub as many global players are now in the process of setting up manufacturing plants in India. India’s rich pool of natural resources, low-cost labor along with policy changes and investments are key drivers for this. Currently, India’s manufacturing sector accounts for 26% of the GDP and employs 22% of the workforce. While the ‘Make in India’ initiative is definitely a step in the right direction, there are some significant challenges that India has to deal with in order to become globally competitive.

Challenges such as reluctance of banks to fund industrial projects, rigid trade regime and labor laws, low labor productivity, lack of skills, poor intellectual property protection and enforcement, lack of innovation, etc. have stopped India from becoming the leading manufacturing hub in the world and compete with the likes of China, US, and Japan.

To counter these issues, the government of India has launched various initiatives and programs like Make in India, Skill India, Sharm Suvidha, and other labor initiatives. Policy measures like Defense Procurement Policy, National Manufacturing Policy, Pradhan Mantri MUDRA Yojana, Startup India, and Standup India are promoting the growth of the manufacturing industry in India. The need of the hour though is to reform the labor laws, promote innovation, research and development and find solutions for the core inefficiencies and issues in the manufacturing sector.

These emerging changes have presented companies with various challenges and opportunities which require a swift response in this new era of manufacturing. As manufacturing industry consultants, we understand the language of this business and speak the language of an expeditiously changing technology landscape. Our experts work as lean management consultants, production consultants, as the need arises. Our manufacturing consultants provide customized process, strategy, and technology solutions to help transform your organization.

Some of our manufacturing expertise includes services like: