India – An attractive manufacturing and sourcing destination

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• India An attractive manufacturing and sourcing
  destination
• India has emerged as an attractive manufacturing
  sourcing destination in the past couple of
  years and has a lot to offer as the
  worlds fast-growing economy. The
  manufacturing sector in India is fast
  developing into an investment hub for many
  foreign players who have already shifted
  their sourcing to India and are benefitting from
  the same. But, before proceeding to more
  details, it is important to understand what
  manufacturing sourcing is and what a
  manufacturing sourcing company do.
• Manufacturing Sourcing It refers to the
  concept of searching for a supplier that
  would help the client company in meeting its
  objective in terms of cost, quality and
  deadlines as well as performance. The
  sourcing consultant from a manufacturing sourcing
  company helps the client on both professional and
  personal levels which further helps in making the
  production stage much smoother. The primary
  advantage of the services provided by the
  consultant includes cost savings and improved
  efficiency. Some more benefits include
• An effective solution for finding the dealer
  channels because the consultants connect the
  client company with raw material vendors.
• The consultants are well-versed in providing
  intelligent advice and guidance on whether the
  product should be procured locally or import.
• The government has set up various organizations
  such as the India Industrial Land Bank (IILB),
  Industrial Park Rating System (IPRS), and soft
  launch of the National Single Window System
  (NSWS), National Infrastructure Pipeline (NIP),
  and the National Monetization Pipeline (NMP)
  to attract the foreign and domestic
  investments. Some more government initiatives
  such as Make In India, Atmanirbhar Bharat,
  Production Linked Incentive Scheme etc. also aim
  at developing local capabilities for sourcing.

Indias strengths and key advantages
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• Indias manufacturing industrys biggest
  strength is its cost-effectiveness. The
  labour cost in India is much lower in
  comparison to other competing nations.
• Many countries from Europe and the USA are now
  setting up their business in India to lower
  their manufacturing and overall cost. And,
  lower costs directly mean a higher return on
  investment.
• Domestic availability of raw materials like
  cotton, silk, jute, metal, wood, marble,
  bamboo, pharmaceutical ingredients, chemicals
  etc. This makes it easy and cost-effective for
  companies to source from India.
• Advanced infrastructure and latest technologies.
  5- Stable government and supportive policies.
• A vast pool of talent comprising English speaking
  workforce and technical manpower.
• The country offers definite advantages to
  industrial companies in research and
  development, engineering design
  prototyping, service, training and
  specialty testing, apart from manufacturing.
• The sourcing companies, with their industrial
  expertise across functions like
  manufacturing, strategies, sourcing etc.
  help the client organizations in
  expanding their business operations. This
  competitive market demands a proper knowledge
  of what is to be done and when.
  Therefore, choosing the right manufacturing
  consultant and consulting service is an
  important step that needs to be taken
  carefully. Factors that need to be
  considered before hiring a manufacturing
  consultant are listed below
• Flexibility
• In-depth knowledge and experience 3-
  Professionalism in business
• 4- Trouble shooting in procurement and supplies
  5- Strong communication skills
• 6- Qualified and experienced workforce
• Industry Experts is a business
  platform which not only provides
  manufacturing sourcing solutions but
  also helps in finding relevant
  manufacturer for contract manufacturing according
  to the business needs and facilitates companies
  desirous of setting up business in India with
  offshoring

services.
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