Contract Manufacturing: A win-win strategy for Global Healthcare Market (1)

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Manufacturing Consultants Their Role in Setting
up Industries of Foreign Enterprises in
India The manufacturing sector of India is
re-emerging as the backbone of the Indian
economy with the recent budget giving
a renewed thrust to Manufacturing through
Atmanirbhar Bharat. India has for many years been
a favorable choice for most foreign companies
due to its cheap labor costs, huge
domestic market besides attractive government
incentives. Major companies have considered
shifting their manufacturing base in India
due to the favorable and growing market
demand and extensive support from manufacturing
consultants in India. Among the countries in the
world that are likely to make more progress in
the manufacturing sector, India is at forefront
of the race and most certainly offers a
cost-effective manufacturing base compared to
other countries.
India is the worlds 6th largest economy
with a GDP of USD 2.3 trillion and has
the potential to reach USD 8.4 trillion by the
end of 2030. The manufacturing sector in India
currently accounts for nearly 17 of Indias GDP
and employs around 2.73 crore people. With the
improvement in the economic scenario in
India and ease of doing business in the
country, many multinationals are looking at
setting up manufacturing units here. Indias
labor market proves to be extremely
cost-effective in the manufacturing sector
for foreign investors in matters of sourcing from
India. Strengths like favorable business
conditions, a young labor force, and large pool
of engineers, FDI relaxations and supportive
infrastructure incentive schemes can help
India become a manufacturing powerhouse in the
coming years and possibly the worlds
manufacturing hub. The sectors like
textiles, auto components, machine tools,
pharmaceuticals, chemicals and petrochemicals
have proven to be shining examples of
world-class excellence in manufacturing. In
fact India is already labelled as the
pharmacy of the world. The greatest
priority of the manufacturing consulting
firms in India is to help domestic and
foreign investors understand the market and
invest in the brightest manufacturing sector.
The manufacturing consulting companies in
India can
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also help with foreign funding under the
government route and the automatic route and thus
help the country to accomplish its objective
of turning into worlds third biggest economy
by 2030. It is important to
choose the most appropriate and
resourceful manufacturing consultant in India
not only for short-term planning but also
for long term success. Industry Experts with
their extensive network of resources across
the various services and operational requirements
including suppliers of raw materials and
capital equipment across different
manufacturing sectors and industries helps the
offshoring company go through the process
smoothly avoiding time and cost over runs.