India has emerged as one of the world's top ten countries in industrial production as per UNIDO's new report titled 'Yearbook of Industrial Statistics 2010'. India surpassed Canada, Brazil and Mexico in 2009 to reach the 9th position from the 12th position it held in 2008.
The Index of Industrial Production (IIP) quick estimates data for April 2010 shows a growth of 19.4 per cent in the manufacturing sector as compared to April 2009. The cumulative growth during April-March 2009-10 over the corresponding period of 2008-09 is 10.9 per cent, according to data by the Ministry of Statistics and Programme Implementation.
Moreover, as per data released by the Ministry, manufacturing sector posted a 16.3 per cent growth in January-March 2010.
The HSBC Markit Purchasing Managers' Index (PMI), based on a survey of 500 companies, recorded a 27 month high in May 2010 to 59 from 57.2 in April 2010. A figure above 50 means activity is expanding.
"The Indian economy is hardly pausing for breath," said Frederic Neumann, co-head of Asian Economics Research, HSBC. "Output growth remains at a robust pace and new orders continue to pour in. This is benefiting the job market as more and more firms are hiring," he added.
The new orders index increased to 63.7 in May from 61.9 in April 2010, on the back of strong domestic demand, according to the PMI report. It was the 14th consecutive month when new orders expanded.
Exports from special economic zones (SEZs) grew by over 122 per cent to US$ 49.5 billion in 2009-10 as compared to 2008-09. IT, IT hardware, petroleum, engineering, leather and garments are the leading exports from SEZs.
- BorgWarner Inc, a US based auto component and systems manufacturing company with presence in 18 countries, has established its Indian manufacturing facility at Sipcot industrial park at Sriperambadur near Chennai at a cost of US$ 6.6 million
- US-based electronic manufacturing services company, Sanmina-SCI has opened a new manufacturing facility in March 2010, at Oragadam, Tamil Nadu at an investment of US$ 55.5 million
- Larsen & Toubro (L&T) and Howden Global have signed a US$ 22.2 million joint venture (JV) for setting up an industrial facility to design, engineer, manufacture and supply axial fans and air pre-heaters to Indian thermal power plants ranging between 100 mega watt (MW) to 1200 MW. The manufacturing unit will be setup in Hazira, Gujarat, and its operations are expected to commence in 2011
- Vadodara headquartered Kemrock Industries and Exports Ltd, a leading manufacturer of reinforced polymer (FRP) composites in India, plans to invest US$ 300-400 million over the next four to five years for company's new initiatives
- Surat-based Nakoda Ltd, a fully drawn yarn segment manufacturer has signed an asset purchase agreement with South Korean polyester fibre manufacturing firm, Kyunghan Industry Company Ltd for acquisition of their entire manufacturing facilities at Kyunghan. Nakoda Ltd, will invest US$ 40 million through its subsidiary Indo Korean Petrochem Ltd, for acquisition of the South Korean manufacturing plant
- Indian Immunologicals Ltd (IIL), a subsidiary of National Dairy Development Board, will launch four vaccines in the next one year and will invest US$ 32.18 million to set up a new manufacturing facility in Hyderabad that will produce both animal and human vaccines
- JK Tyre & Industries will invest US$ 198.7 million to set up a new radial tyre manufacturing facility near Chennai that will have a total production capacity of 2.9 million units per annum. The plant will be completed by 2012