The World Economic Forum (WEF) has ranked India at 30th position on a global manufacturing index — below China’s 5th place but above other BRICS peers, Brazil, Russia and South Africa.
Japan has been found to have the best structure of production in the Geneva-based WEF’s first ‘Readiness for the future of production report‘ and is followed by South Korea, Germany, Switzerland, China, Czech Republic, the US, Sweden, Austria and Ireland in the top 10.
Among BRICS nations, Russia is ranked 35th, Brazil 41st and South Africa at 45th place.
The report, which analyses development of modern industrial strategies and urges collaborative action, has categorised 100 countries into 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 has been placed in the ‘Legacy‘ group along with Hungary, Mexico, Philippines, Russia, Thailand and Turkey, among others. China figures among ‘leading countries’, while Brazil and South Africa are in ‘nascent’ ones.
About India, the 5th-largest manufacturer in the world with a total manufacturing value added of over USD 420 billion in 2016, the WEF said the country’s manufacturing sector has grown by over 7 per cent per year on average in the past three decades and accounts for 16-20 per cent of India’s GDP.