The business domain has undergone a sea change over the last decade, and its transformation is seen in the host of opportunities available for women to make a career in the entrepreneurial domain. Industrial consultants with vast experience in the manufacturing sector to emphasize the steady increase in women’s role making a significant difference to the economy and its development in the global business sphere.
Speaking of manufacturing industry in India, the GDP currently stands at INR 51.23 lakh crore for the first quarter of FY22. The manufacturing GVA is estimated to touch US$77.47 billion during the 3rd quarter of FY22.
The advancement of technology and cheaper labor puts India in the driver’s seat to become a leading global manufacturing hub by 2030, adding over US$500 billion annually to the world’s economy.
According to the latest survey by The Federation of Indian Chambers of Commerce and Industry, the nation’s manufacturing sector stands at 72.0% in the 2nd quarter of FY22 that shows real-time analysis of a significant recovery in the domain.
The overall index in January 2022 stands at 144.4 that was well-supported by enormous growth in production across top sectors like coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity.
There couldn’t be a better time to create an awareness about leading manufacturing business ideas for women that provide extensive insights to kickstart a rewarding career and live a fulfilling life while making invaluable contributions to society.
While the cost of living is rising with each passing day, it puts enormous pressure on the male to be the sole breadwinner of a family. The need for a female member to provide almost equally is felt more acutely now compared to our previous generations.
Renowned manufacturing consultants in India show that the nation has witnessed a remarkable increase in the number of women entrepreneurs over the last few decades. They’re walking into almost every industry, making use of their educational background, entrepreneurial abilities, and passion to take the manufacturing industry to greater heights.
Women are typically known to be multitaskers, balancing home and careers, and this ability has set the platform for many to become job creators rather than job seekers. While the nation is moving ahead and making rapid strides in many ways, women becoming successful entrepreneurs and carving a prominent place for themselves, contributing to the economy has increased severalfold.
According to elite industrial consultants, the manufacturing industry in India is a significant pillar of the economy, contributing to 18% of the nation’s GDP. If you dig further, the manufacturing sector in India is positioned to reach $1 trillion by 2025.
India is also attracting huge amounts of FDIs into the manufacturing sector, and its now emphasizing on encouraging MSMEs and NexGen entrepreneurs to enter into manufacturing to make India a leading global manufacturing hub.
A detailed action-plan from the Government is helping boost domestic manufacturing by offering incentives to budding entrepreneurs, including women entrepreneurs, willing to enter the domain, empowered by the paradigm shift for producing indigenous products in the domestic market.
Manufacturing consultants stress that the time couldn’t be better for women to enter the country’s manufacturing sector and start a venture driven by a vision to transform the sector and the economy with results that define a new chapter in the global manufacturing arena, right here in India.
As per the Ministry of Statistics and Program Implementation, women account for nearly 14% among the total number of entrepreneurs in India. While entrepreneurship isn’t an easy path, it’s even more arduous for women, beginning from funding, equal access to market, and more.
Addressing the pertinent needs of upcoming women entrepreneurs is the need of the hour. The government schemes for women entrepreneurs in the business field include:
While the passion to start a lucrative business isn’t something most women lack, they often get struck in choosing that one area that yields exceptional results. And, given the numerous options available, women find themselves in a fix to implement action plan. Here are some leading manufacturing business ideas budding women entrepreneurs can consider.
The food processing industry is indeed a sunrise sector in India, and the nation’s food ecosystem generates enormous opportunities for investing and stimulating growth with outstanding fiscal incentives. The Ministry of Food Processing Industries has joined hands with the Government of India to boost investments in the food industry, and this is evident in the 41 food parks funded by the Government under the Mega Food Parks Scheme.
The latest reports from industrial consultants show that India’s food processing industry is among the largest in the world, and is estimated to reach $535 billion by 2025-26.
This dynamic sector in India plays a prominent role in linking farmers to consumers, providing a perfect platform to expand in the domestic and international markets. Currently, the country’s food industry occupies a share of 12.38% with 1.93 million workers and 5.1 billion workers hired among the employment generated across Registered Factory sector and unregistered food processing sector, respectively.
India’s food processing industry is growing at an annual average of 11.18%, and is ranked at the top in the number of workers engaged in the entire manufacturing sector. The key subsegments that make up the Indian food processing industry are fisheries, poultry & meat processing, food retail, dairy, and fruits & vegetables.
When it comes to manufacturing generic drugs, the Indian pharmaceutical sector is the largest in the world, supplying over 50% of the global demand, including 40% of generic demand in the US and 25% of all medicines in the UK. The recent developments reported by famous manufacturing consultants include a network of 3,000 drug companies and 10,500 manufacturing units.
Going by the growth and predictions, India is in a position to soon become the 6th largest market for pharmaceuticals in the world. The fact that over 80% of antiretroviral drugs used across the world to combat AIDS are supplied by Indian pharmaceutical organizations is a strong evidence that justifies the growth and expansion.
The domestic textile industry is among the most lucrative manufacturing business ideas since it currently contributes 5% to the nation’s GDP. It also produces 7% of industry output, and 12% of export earnings. India is now the 6th largest exporter of textiles and apparel in the world, and is also among the world’s largest producers of cotton and jute.
Adding to the facts, the country is the world’s 2nd largest producer of silk globally, accounting for 95% of the world’s hand-woven fabrics. India’s textile and apparel industry employs 45 million people and 100 million people across direct and allied industries, respectively.
The industry is highly diversified, and includes several segments like traditional handloom, silk products, handicrafts, wool, and others. It’s an organized manufacturing industry that incorporates capital-intensive technology to boost revenue and profit by the mass production of textile products.
The Indian textile industry receives FDI from Japan, Mauritius, Italy, and Belgium, and it currently exports textile products worth $28.4 billion.
Lifestyle changes accompanied by an increased awareness for the importance of beauty and health has contributed to the significant development of the cosmetics industry in India. The industry was worth$20 billion in 2020 that was dominated by the unorganized sector. While the offline sales accounted for a greater share, the recent years saw a significant growth in online sales. Bath and shower products led the show, followed closely by skincare products.
As per recent reports from top industrial consultants, the Indian cosmetics products market is expected to grow at a CAGR of 4.23% in the forecast period 2022-23.
The internet penetration has triggered the significant rise in the online market, and the purchase of cosmetics online has grown rapidly in the last couple of years in India. The Indian cosmetics industry is relatively strong as other manufacturing industries, and promises to accelerate production and sales in the near future.
Leading brands are touching new grounds, and are using eCommerce extensively to combat the recent pandemic-related issues that have stalled the production to some extent. Top names in the domain are increasing their e-tailing business and are making a niche for themselves in the online cosmetics domain.
There’s a significant increase of eco-awareness among consumers, and corporates are focusing exclusively on sustainability, technology stabilization, and cost reduction to enhance the bio-plastics market in India. Latest environmental regulations and societal concerns, along with increased awareness for protecting the environment have triggered the manufacturing of products that are compatible with the environment.
Biodegradable plastics like polylactic acid or polylactide (PLA), Polyhydroxyalkanoates (PHA), and starch blends are produced at an increasing rate. The leading players in the Indian bio plastics market are taking drastic steps to develop new technologies that facilitate the use of low expenditure and low time-consuming technologies.
Currently, bio-plastics are used extensively to manufacture bottles, cups, pots, loose-fill, and many other products. Biodegradable plastic can bridge the gap between the environment and the people, and these polymers are easy to dispose in a safe and ecological way.
The only hitch in a developing nation like India is the high cost associated with the production of biodegradable plastic compared to conventional plastic. While this can hinder the market growth, technological advancements are encouraging the robust production to meet and exceed the demand for biodegradable plastic.
These products are used for packing fresh food, dry snacks, juice, baked goods, candies, and are also used as coating in beverage cups, card stock, and films. The bio-plastic manufacturing unit set up at J&K produces nearly 960 metric tons of biodegradable plastic per annum.
The government has also laid down new regulations to care for the environment by encouraging the increase in demand and production for biodegradable plastic in the coming years.
The achievements of notable Indian women entrepreneurs who have made a significant contribution in the economic status are worth mentioning.
The Chairperson of Park Hotels is a remarkable personality who transformed the hospitality industry in India. Coming from a prestigious business family, Apeejay Surrendra Group, Priya started her career in the marketing division of Park Hotels, and was promoted as the acting General Manager for the hotel chain in New Delhi. At the age of 23, she single-handedly managed three hotels and renovated them to create a revolution in the hospitality industry.
The brainchild behind VLCC is among the most successful and influential businesswomen from India. In 2016, she ranked #26 in Forbes Asia list of top 50 powerful businesswomen. Her trips to Germany with her father inspired her to revolutionize the Indian beauty and wellness industry. After completing her graduation, she traveled to Europe to enhance her skills in beauty, skincare, and nutrition to kickstart a venture in the same domain India.
The Founder and CEO of Nykaa is a prominent self-made Indian billionaire who bid goodbye to a lucrative MD position of Kotak Mahindra to start Nykaa in her late 40s. With a graduation from IIM, Ahmedabad, she began her dream venture with s strong belief that age is just a number.
Industrial consultants like SolutionBuggy carry a vast experience in the manufacturing consulting domain. They provide the insights, complete packages, and customized solutions for numerous manufacturing industries serving the economy, including the biodegradable plastics industry that promises to strike a chord with the environment.
The enormous experience of manufacturing consultants like SolutionBuggy present a real-time picture of the economy, its progress, the demand for further development, and even clear-cut solutions that help handle complex situations in the most efficient manner. Cutting down costs and improving the livelihood of the nation is something they stand for and offer practical inputs to achieve comprehensive results across all sectors of the economy.
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