India Has Cheapest Manufacturing Cost Globally: ReportAccording to the report, out of 85 nations, India has secured the 31st position in the overall best countries ranking
ByTeena Jose•
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The US News and World Report states that India has been ranked as the nation with the cheapest manufacturing cost ahead of China and Vietnam. According to the report, out of 85 nations, India has secured the 31stposition in the overall best countries ranking.
Moving deeper to the report, it evaluates 85 countries across 73 attributes. The attributes are grouped into 10 sub-categories; including adventure, agility, and entrepreneurship, open for business, social purpose and quality of life.
As per the report, under the open for business sub-category, India has scored 100 per cent when it comes to cheap manufacturing costs. But in 'favourable tax environment', it has scored 16.2 out of 100; 18.1 in the 'not corrupt' category and 3.5 in 'transparent government policies'.
Similarly, under the quality of life segment, India has scored 1.9 in income equality', 4.3 in 'safe'; 2.3 in 'well-developed public health system'; and 9.9 in 'economically stable' sub-parameter.
The report mentioned that the government has taken steps such as rolling out production linked incentive schemes and reducing compliance burden with a view to make India a global manufacturing hub.
In the overall Best Countries ranking, Switzerland has topped the chart, followed by Germany, Canada, US and Sweden.
