Main Manufacturing Industry Categories:Apparel industry Chemical and allied industry Electronic and electrical. Equipment Fabricated metal industry Food and kindred industry Furniture and fixture industry Printing and punishment Stone, clay, glass and concrete industry Petroleum, refining industry Primary metal industry, EtcWith this in mind, the Indian government has adopted “Make in India” as a core policy initiative to encourage and accelerate growth of the country’s manufacturing sector. The cost to manufacture in India is often lower compared to other Asian manufacturing industries due to largely lower worker wages. India’s factory wages are the lowest among Mexico, Philippines, Vietnam, Indonesia, and China. These kinds of wages can lead to 10-15 percent increase in savings for e-commerce business, which in turn increases the profit margin.With the help of Make in India drive, India is on a path of becoming the hub for hi-tech manufacturing as global giants such as GE, Siemens, HTC, Toshiba, and Boeing have either set up or are in process of setting up manufacturing plants in India, attracted by India's market of more than a billion consumers and an increasing purchasing power.According to the United Nations Conference on Trade and Development (UNCTAD), India ranked among the top 10 recipients of Foreign Direct Investment (FDI) in South Asia in 2019, attracting US$ 49 billion.Before starting a manufacuring research do a thorough market ResearchHere are a few areas of research worth looking into:Product: An in-depth analysis of the costs involved at every stage of production, including necessary facilities, logistics, raw materials, machinery, and employees will help you get a good understanding of how you need to go proceed.Customers: Conduct an appropriate research to identify your target audience. Competitors: You might not be able to readily match many established players in the market but you can learn a lot by just observing your competitors. Look at the way they conduct their business, and the strategies they employ and adapt them to your specific business needs wherever you see fit.Costs: Mapping out your costs will help you conduct business more effectively. •Direct costs: These are costs attributed to production, and include cost of raw materials, labour, machinery and equipment. Fuel and electricity can also be classified as direct costs.•Indirect costs: These include costs pertaining to administration, factory overheads, utilities etc. Depreciation of equipment and facilities are also treated as indirect costs.•Variable costs: These are costs that are dependent on the volume of production. They rise with an increase in production and fall with a decrease in production.•Fixed costs: Costs which do not change with the volume of production are fixed costs. These include investment of facilities, machinery and equipment. Business PlanYour business plan can contain information about your company, your product, raw materials, facilities and machinery required, your manufacturing process, the target audience for the product, manufacturing costs, logistics, management modules, details regarding how many employees you will need, marketing strategies, etc. You can also hire the services of professionals to help you sketch out your business plan.FinancingThe next step is to chalk down a plan regarding how you will generate the required funds to set your business in motion. Here are a few funding options that you can look into: •Bank loan: •Venture capital•Self-funding •Angel investmentsPolicies & RegulationsThe manufacturing industry has a large variety of subsectors within it and each has its own set of policies and regulatory bodies that are key to its establishment and functioning. It will be important for you to look into the various Acts & regulatory bodies relevant to your business. Sources- Various, Britannica, Wikipedia..
Currently there are no Cunsult blogs