From Concept to Creation: A Blueprint for India's Manufacturing Industry in the Years Ahead
SolutionBuggy
India's Largest Project Consulting Platform for Manufacturing Sector With 10k+ Expert Consultants & 80k+ Industries.
We are a few steps away to implement the potential business opportunities in the Indian manufacturing industry. Whether you are a budding entrepreneur or an inspiring business professional, you should have a thorough understanding of what you are going to implement in the manufacturing industry. Right from efficient market research to end-user consumption, you have to consider all the things mindfully to produce a good outcome in the end.
We strongly believe that quality manufacturing can create a positive impact on the following things:
Well, what we understood here?
If you are planning to implement any business idea in the manufacturing sector, you should always keep in mind that sustainable production can only achieve this. Also, having a concept and making it possible is not at all a big task, when you are an expert in a specific industry. Once you get to know the potential business opportunities and sustainable production, you can reach out to your consumers more efficiently.
In today's post, we will explore the next set of manufacturing industries that can result in high-potential growth. Before that, we suggest you read our recent newsletter, “The Next Big Things in Manufacturing: Ideas for Businesses with an Eye to the Future”.
Let’s dive in,
Snapshot of this update
Medical & Pharma industry
If you agree or not, having a healthy lifestyle is more important than any other asset. After India overtook China with a growing population (1.4 billion), it faced demand for healthcare supplies and efficient equipment to treat various diseases. Here, people who manufacture high-quality and feasible medical products are in high demand even across the world. Research says, from 2022 to 2028, the industry is estimated to grow at a compound annual growth rate (CAGR) of 10.7%. Make a note of it.
Opportunities to consider: Medical disposable products, Medical equipment, oxygen manufacturing and other healthcare supplies.
Plastics and rubber manufacturing industry
The demand for plastics and rubber products in India is growing rapidly since the demand for these products is increasing in the automotive, electronics, packaging, and construction industries. E-commerce industries looking for packaging material that should be made of quality plastics. At present, the Indian government is suggesting industries use recycled and biodegradable plastics, due to their sustainable features. As per our expert prediction, this industry will grow at a CAGR of 10-12% in the next few years.
Opportunities to consider: Plastics, biodegradable plastics, rubber
Textile industry
If you have an existing textile industry or want to start a new one, make sure to adopt the following opportunities:
As per Production Linked Incentive (PLI) scheme, you have the opportunity to increase textile production as well as employment opportunities in India. Also, by following the above opportunities, you will be able to contribute to the domestic and international markets as well.
Opportunities to consider: Textiles, fabrics, clothing and garments.
Defence industry
When it comes to the defence industry, the need for drones is always getting more attention in many countries including India. The Defence industry is expected to grow at a CAGR of 30 to 35% in the upcoming years.
Those three things make this industry profitable and encourage Indian defence manufacturing industries to grow among other countries.
Opportunities to consider: Drones manufacturing
Automotive industry
In India, the demand for passenger vehicles and commercial vehicles is growing day by day. Not only fuel vehicles. As we said, in the previous post, the EV industry can help to break all the barriers to ensure sustainability in automotive manufacturing. To prove that, we can clearly see, that many countries heading to manufacture autonomous and electric vehicles. Our Indian government also encouraging Indian manufacturing companies to export automotive components.
Opportunities to consider: Automotive, auto components
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Electrical and electronics industry
Having skilled engineers and scientists, India is already become a major player in the semiconductor industry targeting domestic and international markets. Semiconductors are the major component for initiating any electronics manufacturing industry in India. As a result of our vision towards the semiconductor industry, the government also approved a budget of 10 billion dollars in 2021.
When it comes to consumer electronics, mobile phones, laptops, tablets, and televisions keep growing with the latest technologies. In the next few years, this industry can surpass the value of 1 trillion dollars. We believe that cost-effective manufacturing is the possible solution to achieve such a number in India.
Opportunities to consider: Semi-conductor, Consumer electronics (Mobile phones, laptops, tablets, and television)
Nutraceuticals industry
"Nutrition + pharmaceuticals = Nutraceuticals"
Products named Nutraceuticals are produced from food sources and provide health benefits over and beyond basic nutrition. They tend to be marketed as an approach to boost health, prevent chronic conditions, and improve health. Some of the categories in Nutraceuticals are as follows:
India’s known for producing high-quality and creative products in various manufacturing industries. If you are looking to contribute to the health and food industry, focus on the Nutraceuticals industry too.
Packaging industry
When it comes to manufacturing products, they should retain their quality until it reaches the customer. An efficient packaging solution can not only retain its actual quality but can also boost your brand as well.
Not only these industries but there are also many quality-first industries depending on efficient packaging solutions to keep their brand value.
Opportunities to consider: Sustainable packaging, e-commerce packaging
Hope you all read our recent newsletters!
So far, we summarized some of the potential business opportunities in various manufacturing industries in India. In our official blog, we gave some insightful information regarding all these industries that are not included here.
Make sure to read it and contribute to the Indian manufacturing industry.
Keep reading…
Team Solutionbuggy
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