India Manufacturing Rank

Commerce and Industry Minister Piyush Goyal on Friday urged domestic companies to support and buy goods from each other as it would benefit them in the long run and provide protection against any disruptions like the Pandemic. He also suggested India inc to explore business opportunities in the recently approved 12 industrial townships in the country as it would help boost manufacturing. The minister added that the manufacturing sector will play a key role in making India a developed nation by 2047. "We need to brand India, we need to support each other. Industry needs to be a partner not only with international players, but also be a partner with each other. All of you need to support each other. "An Indian company buying products from another Indian company will actually help create that ecosystem, help insulate and secure itself in the long run from any disruptions. Two wars, the Red Sea crisis, Mpox (Monkeypox), a new pandemic hovering around, we have enough to be worried about

Currently, India imports nearly 50 per cent of its component requirement (by value) from suppliers based out of China, Japan, and South Korea, among others

Capacity utilisation had improved gradually from 71 per cent in the aftermath of demonetisation to 76.1 per cent in January-March 2019

WEF listed human capital and sustainable resources as the two key challenges for India and said the country needs to continue to raise the capabilities of its fast-growing labour force