In accordance with the Cushman & Wakefield’s 2021 ‘Global Manufacturing Risk Index-Assessing Costs, Risks and Conditions Impacting Manufacturing‘, India became the world’s second most desired manufacturing destination globally surpassing the United States (US) which stood at 3rd place. The top position is retained by China.
- In 2020 India was ranked 3rd while the US placed at 2nd.
- This improvement in India’s ranking shows its ease of working conditions and cost competitiveness which grabbed the manufacturers’ interests as a preferred manufacturing hub.
About Global Manufacturing Risk Index:
Cushman & Wakefield’s 2021 Global Manufacturing Risk Index assesses the most advantageous locations for global manufacturing among 47 countries in Europe, the Americas and Asia Pacific. It provides guidance and data on the following four important parameters which help in making optimal location decisions:
- Bounce Back: Projected ability to restart manufacturing operations as vaccines are rolled out and business begins to return to normal
- Conditions: Business environment, including the availability of talent/labor and access to markets
- Costs: Operating costs including labor, electricity and real estate
- Risks: Political, economic and environmental
i.India evolved from an agrarian to a service-based economy.
ii.Though India ranking is good but it still has a long way to go in areas like managing the geopolitical risks.
iii.The main reason for rank swap within the US and India is plant relocations from China to different components of Asia because of an already established base in pharma, chemical compounds and engineering sectors.
Recent Related News:
StartupBlink released the Global Startup Ecosystem Index 2021, which ranks countries & cities depending on the Startup Environment. In the country-wise ranking, India with a score of 8.833 was ranked 20th out of 100 countries. The United States (US) topped the index followed by the United Kingdom (UK) & Israel.
About Cushman & Wakefield:
Executive Chairman & CEO– Brett White
Managing Director India and South East Asia– Anshul Jain
Headquarter– Chicago, Illinois, United States