Contract Manufacturing Industry in India Share, Trends & Forecast to 2026

India has huge potential for the development of its contract manufacturing industry. Huge domestic demand finished goods from a growing population, growing investment in the manufacturing sector, initiatives such as ‘Make in India’ that aims to make India a global manufacturing hub, and rising working population are the key factors that are offering robust growth to the contract manufacturing industry in India. The contract manufacturers are likely to expand their manufacturing base in the country owing to the availability of low cost and skilled workforce.

In 2019, India has moved 14 places to be 63rd among 190 nations in the World Bank’s ease of doing business ranking. The improving ease of doing business in India ranking is again supporting the confidence of the contract manufacturers to expand their manufacturing base in India. The automobile industry, drugs and pharmaceuticals, chemical, food processing, electrical equipment, cement, textile, and electronics are the major sectors of the Indian contract manufacturing industry.

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Robust demand for finished goods, growing investment, and government support are the key factors contributing to the growth of the Indian contract manufacturing industry. In August 2019, the Government of India permitted 100% FDI in contract manufacturing through the automatic route. The high FDI inflow is expected to position India as a favorable destination for manufacturing by encouraging international players to make in India and sell in India. At present situation, when contract manufacturers are searching for new manufacturing locations to increase their global presence in the face of the ongoing US-China trade war. India is expected to be a suitable destination for these players to run their manufacturing operating through contract manufacturing.

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India is on the way of becoming the hub for high-tech manufacturing as major international players such as Siemens AG, HTC, GE Healthcare, Toshiba, and Boeing have set up or in process of setting up their manufacturing plants in India. According to the India Brand Equity Foundation, India’s manufacturing Purchasing Managers' Index (PMI) stood at 46 in July 2020, indicating the expansion of such plants in the country.

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This release was published on openPR.