India has emerged as the number two in the world in global manufacturing competitiveness, next only to China and ahead of economic superpowers like the US, Japan and Germany, according to a report from research firm Deloitte and US Council on Competitiveness.
Based on responses of more than 400 senior manufacturing executives worldwide, the study also predicted that Asian economies will continue to be more competitive while US and Europe will find the going tough in the next five years.
“India is now well positioned to become an active participant in the entire value chain. The presence of strong foundation in research and development along with the fact that India is now viewed as a place where product development can be done, not just for the local market, but for the international market as well, are the driving forces behind India’s strong position” said Kumar Kandaswami, Manufacturing Industry Leader for Deloitte in India.