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 October 2010 shows a growth of 11.3 per cent in the manufacturing sector as compared to October 2009. The cumulative growth during April-October 2009-10 over the corresponding period of 2008-09 is 11 per cent, according to data by the Ministry of Statistics and Programme Implementation.
India is ranked second in terms of manufacturing competence, according to report '2010 Global Manufacturing Competitiveness Index', by Deloitte Touche Tohmatsu and the US Council on Competitiveness. The report states that the country's talent pool of scientists, researchers, and engineers, together with its English-speaking workforce and democratic regime make it an attractive destination for manufacturers.
As per the Industrial Outlook Survey conducted by the Reserve Bank of India (RBI) for October-December 2010 quarter the Indian manufacturing sector showed positive overall business sentiment in the quarter. The business expectation index (BEI), which acts as a barometer of the overall health of the manufacturing sector, has gone up to 126.5 for the assessment quarter, its highest reading since the April-June 2007 quarter.
The HSBC Markit Purchasing Managers' Index (PMI), based on a survey of 500 companies, posted 58.4 in November 2010, increasing from 57.2 in October 2010. Incoming new business received by manufacturers in India increased substantially during the month. Further, the latest expansion in new order volumes was the strongest in four months. Panellists also indicated a marked rise in new export business during November 2010.
Around 50 segments in the manufacturing sector grew by 39 per cent, entering the 'excellent growth' category, during April-December 2010-11, according to a survey by the Confederation of Indian Industry (CII) and ASCON. Segments in the excellent category included air conditioners, natural gas, tractors, nitrogen fertilisers, ball bearings, electrical and cable wires, auto components, construction equipment, electric fans and tyre industry.
Further, 22 segments made it to the 'high growth' category, registering a growth of 17.3 per cent during the first nine months of the current fiscal. Industries such as utility vehicles, crude oil, power transformers, energy meters, alcoholic beverages and textile machinery have registered around 10-20 per cent growth.
Exports from special economic zones (SEZs) grew by over 68 per cent to US$ 12.55 billion as compared to the corresponding period of 2009-10. [June 30]
Buoyed by India's response to its super-machines, iconic American superbike maker Harley Davidson is setting up an assembly unit at Bawal, Haryana. This will be its second plant outside the US, after Brazil
FieldFresh, the 50:50 joint venture of Bharti Enterprises and Filipino firm Del Monte Pacific Ltd formed in 2007-end, has inaugurated its R&D and manufacturing unit at Hosur, Tamil Nadu, set up with an investment of US$ 26.14 million.
Doosan Heavy Industries and Construction Co Ltd of South Korea had expressed interest in setting up a power equipment manufacturing facility in Haryana, to be fully owned by the foreign company.
Pipavav Shipyard has signed a memorendum of understanding (MoU) with SAAB Dynamics AB, part of Sweden's Wallenberg Group, for developing products in the defence and aerospace sectors.
Rieter Nittoku Automotive Sound Proof Products India Pvt Ltd, a joint venture between Rieter group of Switzerland (51 per cent holding) and Nihon Tokushu Toryo Co Ltd of Japan (49 per cent holding), has invested US$ 15 million in a new facility at Oragadam, near Chennai.