India emerged as 2nd most sought after manufacturing destination

According to Cushman and Wakefield’s 2021 Global Manufacturing Risk Index, India has surpassed the US as the world’s second most desired manufacturing hub.

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The rising focus on India can be attributed to India’s operating conditions and cost competitiveness.

The sector’s gross value added (GVA) at current prices was estimated at US$ 348.53 billion as per the second advanced estimates of FY21.

The IHS Markit India Manufacturing Purchasing Managers Index (PMI) reached 55.5 in April 2021 from 55.4 in March 2021. The manufacturing GVA accounts for 19% of the country’s real gross value added.

As per the latest survey, capacity utilisation in India’s manufacturing sector stood at 66.6% in the third quarter of FY21. The manufacturing component of the IIP stood at 116.9 between April 2020 and March 2021.