According to renowned property consultant Cushman & Wakefield in its Global Manufacturing Risk Index (MRI) report, India holds the third rank in the list of most suitable locations for global manufacturing. This list has total 48 countries with China and United States holding the top two positions, whereas India has now moved up one place coming to third.
This annual ranking report, listing the most suitable worldwide locations for manufacturing, consisting of 48 countries across Europe, America and Asia Pacific, highlights India as an upcoming international manufacturing hub from the perspective of operating conditions and cost competitiveness.
The managing director (India and Southeast Asia) of Cushman & Wakefield, Anshul Jain, said that “In the backdrop of the COVID-19 scenario, the government has reiterated its agenda to launch fresh measures that would give a boost to setting up of a more conducive environment to make India a manufacturing hub” and “At a time like this, India ranking amongst top-3 on the most suitable locations for global manufacturing comes as a shot in the arm for the country”.
Apart from this India ranks 30th in the risk scenario and ranks third in the costs scenario as well.
The MRI cost scenario emphasizes more on Cost reduction to assign higher scores to those countries where the the operating and labour cost are lower.
This Annual Global Manufacturing Risk Index (MRI) report assign scores to each country in consideration of 20 variables that results in the three final weighted ranking that cover cost, risk and conditions. The MRI 2020 report included analysis of the covid-19 pandemic impact on the Global manufacturing sector, and the ranking of countries was done upon their projected ability to reboot their manufacturing sectors after the lockdown and restrictive countermeasures are relaxed and the businesses starts to return to normalcy.