According to the joint study conducted by International Monetary Fund World Economic Outlook and CEBR, USA, China, Japan, Germany, United Kingdom, France, India, Russia are the major contributors to the world’s economy generated by the manufacturing sector.
Despite USA being the superpower, China has surpassed USA and has acquired the status quo of being the Global Hub for manufacturing industries contributing as much as 40.5% to the revenue generated by the industry globally. China has been the most preferred destination of investors owing to favourable Govt. schemes, availability of land and labour. However, the USA stands tall as the world’s largest economy and second in the world of manufacturing sector.
Currently, India contributes as much as 2.2% of the world’s manufacturing output mostly at par with developed economies like France and United Kingdom.
With the impetus on intensifying its presence as a developing economy, India has kicked off the noteworthy “MAKE IN INDIA” campaign offering lucrative deals to support FDI and has garnered the world’s attention.
It is safe that the Industrial Revolution marked the beginning of a new era bringing forth a series of changes unveiling a plethora of possibilities that were previously not envisioned. The Industrial Revolution largely left its impact on the manufacturing sector where manpower was replaced by machines which led to a considerable rise in the revenue generation due to enhanced efficiency. However in the recent times, the manufacturing industry has taken the backseat in the global arena owing to the rise of technologically driven enterprises. ‘INNOVATION’, ‘DIGITIZATION’, ‘AUTOMATION’, ‘DISRUPTIVE TEHNOLOGY’ are the new keywords which seem to be the norm in today’s world. Although manufacturing remains as the breadwinner for a significant segment of the population, the world finds itself on the brink of yet another revolution.
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