The World Economic Forum (WEF) on 14 January 2018 ranked India at the 30th position on a global manufacturing index, five places below China, but higher than the other BRICS members Brazil, Russia and South Africa.
Releasing its Global Manufacturing Index here on 14 January 2018, WEF said Japan topped the rankings in its “Readiness for the future of production report” on the basis of developing the best structure of production. Japan is followed by South Korea, Germany, Switzerland, China, Czech Republic, the US, Sweden, Austria and Ireland in the top 10.
While China figures among the WEF`s “leading countries”, India has been placed in the “Legacy” group along with Hungary, Mexico, Philippines, Russia, Thailand and Turkey, among others, and Brazil as well as South Africa are among the “nascent” ones.
Regarding India, which had a total manufacturing value of over $420 billion in 2016, that its manufacturing sector has grown by over 7 per cent per annum on average in the past three decades and accounts for 16-20 per cent of India`s GDP.