Manufacturing Industries : The Leading Wealth Producing Sectors Of An Economy Essay

1633 Words7 Pages
Manufacturing Sector:
Manufacturing industries are the leading wealth producing sectors of an economy. India has emerged as a global manufacturing center due to its cost competitiveness, favorable government policies, and skilful workforce. Furthermore, the most basic factor fostering growth in the sector is the presence of strong market locality. India is one of the fast growing economies. The Consumer trend in the country is enabling domestic players to Effloresce and also magnetize international players.
In 1990, India and China had approximated the same GDP per capita. Since then, move by its manufacturing sector, China economy has grown much faster than has India. These industries use several methods and technologies widely known as manufacturing process management.
Manufacturing industry relates to those industries which include the processing and manufacturing of items and allows in either creation of new commodity or in value annexation. The final products can either serve as a sale to customers or as intermediary goods used in the production process.
Manufacturing industry refers to any business that transmutes raw materials into finished or semi-finished goods using machines, resources, and labor.
Manufacturing industries are broadly classified into electronics industries, construction industries, plastic industries, engineering industries, food and beverage industries, textile industries, transport and telecommunication industries, chemical industries, energy
Get Access