subject: Manufacturing Industry- A Broad Outline [print this page] Manufacturing Industry can be referred to as something which is involved in creation of any commodity or adds value to an existing one and the final product is then sold to the consumers. Manufacturing Industry came into existence when socio-economic as well as technological advancement occurred, it first began in Britain. Manufacturing Industry play a very major role in the growth of an economy as it employs maximum amount of labor force and are responsible for producing materials for infrastructure and defense.
Categories of Manufacturing Industry
Manufacturing Industry can be broadly categorized into:
Engineering
Electronics
Textile
Chemical
Energy
Construction
Beverage
Transport and Telecommunication
Plastic
Manufacturing Industry in India is has tremendous potential to develop the economy, increase the productivity and face the major challenges from the global market. In India the working population comprises 75% of total population and out of that only small number of people are well educated, therefore manufacturing industry gives opportunity employment to rest of the population as it is a labor intensive industry. The Liberalization of the Indian Economy has opened the doors for manufacturing sector. The increase in import of goods has led to the consciousness of quality and cost on the part of the domestic manufacturers. Also the liberalized technology import policy is helping in bridging the technology gap and is putting pressure on the organizations to develop better technologies in India. Though Indian economy depends mostly on the service sector, manufacturing sector contributes almost 16% to the Gross Domestic Product(GDP). Presence of Multinational companies in India and more and more participation of Domestic Companies have encouraged the growth of Manufacturing Sector.
Manufacturing trends suggest that entrepreneurship is gaining momentum these days but due to lack of funds many schemes are not put into action. Also there has been growth in employment opportunities in many sectors of the industry and simultaneously there has been a rise in the productivity too. With the emerging technologies in the world, manufacturing industry have pulled up their socks and have incorporated the latest technologies in their apparent horizon. It is in a favorable situation as it generates employments, wealth and progress in a country. The manufacturing industry has also taken into consideration the eco-friendly norms so that they do not pollute the environment.
There are certain technological problems which is hindering the growth of Manufacturing Industry and therefore certain initiatives are necessary to cope up with these problems. For success of any manufacturing sector restructuring of existing technology is very important. A company determined to improvise their technology and increase the competitiveness needs to develop its technology. Another important factor is to focus on selective manufacturing products and the technology required for it and upgrade those technologies for the betterment
Research suggest that manufacturing industry play a very vital role in the rapid growth of an economy and automatically contributes to the per capita income and Gross Domestic Product (GDP) of a country. Manufacturing is a process of transforming raw material into valuable goods and Manufacturing Industry facilitates the production to be cost effective and therefore helping an economy to grow further and further.
