According to a joint study by consulting firm Deloitte Touche Tohmatsu and U.S. Council on Competitiveness, over the next five years India will bridge the gap with China.
The country's strength in research and development, paired with engineering, software, and technology integration abilities, are viewed by global executives as a vital element of the talent-driven and innovative manufacturing enterprise of the 21st century, as per the report.
Manufacturing executives increasingly view India as a place where they can design, develop and manufacture innovative products for sale in local as well as in global markets. "These factors explain, in part, India's rise from a low-cost, "back office" location to a country that is well-positioned to be an active participant in the entire value chaina as well as it now being viewed by many executives as an integral part of their global manufacturing enterprise and location strategy," said the report.
Korea, U.S., Brazil, Japan, Mexico, Germany, Singapore and Poland are the other economies that square up the top ten countries in the index, that is based on responses of senior management executives from companies across the globe and captured the drivers to manufacturing competitiveness. The report says Thailand will enter the top ten nations in terms of manufacturing competitiveness in the next five years.
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