What is the India’s rank at the latest World Economic Forum (WEF)’s Global Manufacturing Index (GMI)?
The World Economic Forum (WEF) has ranked India at 30th position on a Global Manufacturing Index (GMI). In its first “Readiness for the future of production” report, Japan has been found to have the best structure of production and is followed by South Korea, Germany, Switzerland, China, Czech Republic, the US, Sweden, Austria and Ireland. Among BRICS nations, Russia is ranked 35th, Brazil 41st and South Africa at 45th place. The report has placed India in the Legacy group along with Hungary, Mexico, Philippines, Russia, Thailand and Turkey, among others. China figures among ‘leading countries while Brazil and South Africa are in nascent ones. The report which was published ahead of its annual meeting in Davos, Switzerland said the 25 leading countries are in the best position to gain as production systems stand on the brink of exponential change. In the India context the report said, the country’s manufacturing sector has grown by over 7% per year on average in the past three decades and accounts for 16-20% of India’s GDP.