India’s manufacturing opportunity4 min read . Updated: 06 Mar 2017, 04:41 AM IST
There is a considerable gap between India's manufacturing potential and its realization
The effects of years of rapid growth are being felt increasingly in China’s manufacturing sector. According to a recent report by research group Euromonitor International, Chinese factory wages—which have trebled over the past decade—now exceed those of almost every major Latin American country and are closing in on pay levels in the weaker Eurozone countries. Thus far, China has leveraged its abundant supply of cheap labour to emerge as the world’s leading manufacturing destination. But the fact that labour is no longer so cheap could potentially have multiple ramifications.
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