India is fast emerging as a global manufacturing hub. India has all the requisite skills in product, process and capital engineering on account of its long manufacturing history and continuous upgradation of its higher education system. India's cheap, skilled manpower is attracting a number of companies, spanning diverse industries, making India a global manufacturing powerhouse. India with its vast design skills has attracted a lot of outsourcing technological orders.
India's manufacturing sector is on an uptrend with the majority of sectors recording positive trends in the first half of fiscal year 2009-10, as compared with the corresponding period in 2008-09, according to a Confederation of Indian Industry (CII) survey.
The manufacturing sector is large and diverse, but most sector players face similar risks – increased costs for oil, natural gas, steel and copper are squeezing margins, unless offset by pricing and surcharge increases. Since customer is reluctant to invest in new equipment, the aftermarket service gains greater significance. To strengthen core product lines or widen geographical reach, companies are seeking acquisition targets, while others are looking to divest underperforming units. State and central taxes, often managed across multiple locations, are increasingly complex and under continuous review. Calls for corporate governance and accountability have driven new regulations around internal controls and management certifications. Further, manufacturing companies always strive to figure out how to get the most out of their Information Technology and Human Resource Capital Investments.
While the challenges are many, the industry also offers significant growth opportunities considering the future outlook.
We, at Suresh Surana & Associates, provide a wide range of services to the various large, multi-national and SME players across various verticals including petrochemicals, textile, engineering, metals, industrial equipments and chemicals. The key services offered by Suresh Surana & Associates to the manufacturing sector include:
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