Why India could be the next big Hub for #Manufacturing for Global Companies.

Why India could be the next big hub for manufacturing for global companies that manufactures Computers, ATMs, Self-Service Kiosks, Banking Terminals and Electronics Companies.

??Over the past decade, China had become a dominant force in manufacturing. However, with effect of COVID-19 pandemic, things appear to be changing, with India showing great promise as a new hub for global manufacturing & GCC.

?India's technology manufacturing sector is expected to grow rapidly as businesses reevaluate the resilience of their supply chains in light of the restructuring of the global economy.

?From 2024, India's electronics manufacturing sector will certainly grow at a compound annual growth rate of 21% per year, reaching $604 billion by 2032.

?India is a desirable location for businesses wishing to restructure operations due to its population position and policies.

??Russia & Ukraine, Israel and Palestine are at war, and there is uncertainty throughout the world.

?Businesses all throughout the world are dealing with their own financial and commercial problems with comprising of recession.

?Businesses all around the world are moving to emerging economies to establish their new manufacturing hubs along with GCC centers, primary reasons these growing & emerging economies will have access to workforce from the X generation, English speaking pool, a well-developed supply chain infrastructure, and government initiatives like Make in India makes India a promising player in Manufacturing.

?NCR, DIEBOLD, PUERTO are some of global who already have manufacturing plants in India.

?Prime Minister Shri Narendra Modi ji introduced the "Made in India" program in 2014 as one of the government initiatives in India encouraging global businesses to set up manufacturing units in India before exporting to other countries.

??Further initiative by government of India was PLI Scheme for electronics and computer Industry which would boost India's manufacturing capabilities and boost exports for global companies. The scheme is called the Production-Linked Incentive (PLI) Schemes for Large-Scale Electronics Manufacturing and IT Hardware, or Aatmanirbhar Bharat. The budget sanctioned was INR 38,645 Cr for PLI for Large Scale Electronics Manufacturing & INR 17,000 Cr PLI for IT Hardware companies.

?Various market reports states that multinational corporations are moving their manufacturing operations out of China for a variety of reasons.

?A few of them are as follows.

?China's labor costs are rising.

?The ongoing trade conflict between China & other global countries across the globe

?Worries regarding the political and economic stability of China.

?Language problems.

?Need bulk ODM manufacturing contracts for 3 or 5 years!

?Issues with intellectual property of the company’s product lines.

?Backlogs in supplies.

?Years of persistent disruption to trade with various global companies. etc.

?The futuristic outlook.

?The global companies need to constantly adjust to the shifting inclinations of consumers regarding lowering the costs and affordability of products in various markets.

?We as the company predict more than 55% of global manufacturers surveyed would relocate some production from China in the next five years.

?Global companies who adopt these trends early will put themselves in a better position to succeed in the future.

?Jawahar B Lalla

?? About the Author

?Mr. Jawahar Lalla is an accomplished senior management executive, writer, blogger, speaker, panel judge, book reviewer having more than 40 + years of rich and vast IT technology experience.

?His article on the industry domain has been publishing in Indian and Foreign publications from time to time.

?Mr. Jawahar Lalla has been invited to many conferences & seminars organizers as?? their judge panel & speaker.

?Mr. Jawahar Lalla has been involved as book reviewer for many technology & management book authors.

?Mr. Jawahar Lalla is also a blogger, podcaster speaker, and model.

?Mr. Jawahar Lalla is Co-Author in more than 200 Plus Anthologies books.

?He is winner of numerous awards, E certificates in writing.

?J B Lalla views on the self-service industry had been taken by leading publications & market research companies and the same is published regularly, his articles on the industry domain have also been published in various Indian and global publications. The views published in this article are his personal views and sources are data and compilations from various sources stated by business analysts & market research companies.

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