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India has cheapest manufacturing cost globally: Report

PTI
Updated: November 4th, 2022, 08:40 IST
in Business
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New Delhi: India has been ranked as the nation with the cheapest manufacturing cost ahead of China and Vietnam, according to a report.

According to the US News and World Report, out of 85 nations, India has bagged the 31st position in the overall Best Countries ranking.

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India featured at the 37th spot in the ‘Open for Business’ category.

The report evaluates 85 countries across 73 attributes. Attributes are grouped into 10 sub-categories, including adventure, agility, entrepreneurship, open for business, social purpose and quality of life.

Under the open for business sub-category, India has scored 100 per cent when it comes to cheap manufacturing costs. But in ‘favourable tax environment’, it has scored 16.2 out of 100; 18.1 in the ‘not corrupt’ category and 3.5 in ‘transparent government policies’.

Similarly, under the ‘quality of life’ segment, India has scored 1.9 in ‘income equality’; 4.3 in ‘safe’; 2.3 in ‘well-developed public health system’; and 9.9 in ‘economically stable’ sub-parameter.

The government has taken steps such as rolling out production linked incentive schemes and reducing compliance burden with a view to make India a global manufacturing hub.

In the overall Best Countries ranking, Switzerland has topped the chart, followed by Germany, Canada, US and Sweden.

PTI 

Tags: labourManufacturing
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