In a country like India, the manufacturing sector holds a major chunk of employment opportunities available today. The sector play a pivotal role in strengthening the Indian economy as it accounts for 15% of India’s GDP (Gross Domestic Product) and nearly 15% of the total workforce in India.
The sector is found to be multi-faceted and encompasses a wide array of industries such as pharmaceuticals, textiles, pharmaceuticals, consumer durables, and automobiles.
In the past few years, the Government of India has taken several initiatives to solidify the manufacturing sector, and one of the most popular ones is our PM Narendra Modi’s "Make in India" campaign, which is launched to level up the share of the manufacturing sector in the country's GDP and encourage local manufacturing. The government has also put in place several special economic zones (SEZs) to woo foreign investors toward the Indian manufacturing sector. Another major push by the Indian government is the allocation of Rs. 2,403 crore for strengthening Electronics and IT Hardware Manufacturing in Budget 2022-23 and Rs. 757 crores for quick embracing and manufacturing of Hybrid and Electric Vehicle in India (FAME - India) in Budget 2021-22.
Below are the top 5 manufacturing and packing businesses in India that have been writing new success stories day by day.
Indian Toys Industry is expected to stand as a figure of $1.5 bn constituting nearly 0.5% of the overall market share of the world. As per a report on the market, the sector is expected to become worth $2.73 billion by 2027, with a compound annual growth rate (CAGR) of a whopping g12 percent. This clearly indicated the immense growth potential lying in the Indian Toy manufacturing industry.
There was a time when toys in India were primarily imported from China due to lower costs and a lack of manufacturing capabilities. Along with this, another big reason was the unorganized layout of the Indian toy manufacturing industry. This led to the introduction of inferior-quality toys in the Indian market. However, please keep in mind that overall imports of toys got down to $109.72 million in 2021-22 from $332.55 million in 2014-15. The big cause of this downfall is the reformist change in the import duty from China. In the beginning of 2023, the Government hiked the import duty on toys and their parts to 70 percent to curb the imports of toys from other countries and promote domestic toy manufacturing businesses.
Another burgeoning manufacturing business is legal metrology equipment manufacturing. This domain refers to the analysis of measurement which is commonly known as metrology. These pieces of equipment are intended to safeguard the public, customers, the environment, and merchants from the clutches of counterfeiting.
As per the Legal Metrology Act, of 2009, a Legal Metrology Certificate is mandatory for all manufacturers and packers of packed food. Any business that is involved in the weighing and measuring of products must need to get a legal metrology certificate or packing license for packed items. This has pushed the demand for metrology equipment manufacturing in India.
For years, the performance of the automobile manufacturing sector in India has been considered a clear indicator of the overall industrial growth of India. India has taken a predominant place in the global heavy vehicles market as it is the biggest tractor producer, 3rd top bus manufacturer, and 3rd biggest heavy truck manufacturer in the globe. India’s total manufacturing volume of automobiles in FY22 stood at 22.93 million vehicles.
With the rapid inclination towards electric vehicle manufacturing, the government has taken several initiatives to strengthen the sector. The electric vehicle (EV) sector is expected to reach Rs. 50,000 crore (US$ 7.09 billion) in India by the year 2025. Research done by CEEW Centre for Energy Finance documented a US$ 206 billion growth potential; for electric vehicle manufacturing in the country by 2030. This will ask for an investment of US$ 180 billion in vehicle manufacturing and charging substructure.
Do you know India is the 6th largest producer of chemicals in the world? The chemical manufacturing sector is expected to go up by 11 to 12% during 2021–27 and by 7 to 10 percent during 2027–40—triplicating its global market share by the year 2040. This surge is supposed to be fuelled by several elements.
The country is envisaged to hold over 20% of the global use of chemicals over the next two decades. The local demand for chemicals is set to increase from $170 billion to $180 billion in 2021 to $850 billion to $1,000 billion by 2040.
India's food manufacturing system holds wide-ranging investment prospects with inspiring growth in the food retail sector promoting economic strategies, and striking fiscal enticements. By the way of the Ministry of Food Processing Industries (MoFPI), the Government of India is all set to embrace all important measures to promote investments in the food processing industry in India. Some of them are:
The overall FDI bagged by the food processing sector from April 2000 till December 2022 was $11.79 Bn. The FDI equity inflow in the Food Processing Sector for the period of April 2021- March 2022 was US$ 709.72 Million. The total FDI equity influx in the sector from April 2000 to December 2022 is $ 11.79 Bn.
The Indian Food Processing sector is appraised to become worth of USD 535 billion and surging with a compound annual growth rate of 15.2%. Tier-II and Tier-III cities could replicate the pattern seen in metropolitan regions, by adopting more processed food in the future.
So, here are the top 5 manufacturing businesses in India that promise to provide amazing growth opportunities to entrepreneurs and businessmen. To know more about how to become a part of the burgeoning Indian manufacturing sector or how to handle legal formalities, consult our experts at Registrationwala.com today who will guide you at every step of your journey towards getting a manufacturing and packing license.