India tops list of countries with cheapest manufacturing costs

Tags: Economy/Finance

According to a report published by the US News and World Report, India has been ranked as the country with the cheapest manufacturing cost, far ahead of China and Vietnam. The report was compiled on the survey conducted by the US media company amongst 85 countries.

The report evaluates 85 countries on 73 attributes. The attributes are grouped into 10 sub categories like adventure, agility, and entrepreneurship, open for business, social purpose and quality of life.

Performance of India 

On a scale of 100, India has scored cent percent when it comes to cheap manufacturing costs.

According to the report India has an overall score of 37 out of 100 in the ’Open for Business' category.

However India has scored low on certain attributes.  India has scored low 16.2/100 when it comes to 'favourable tax environment', 18.1/100 in the 'not corrupt' sub-category and 3.5 in 'transparent government policies'.

The report comes at a time when the Modi government is attempting to make India a hub of global manufacturing. The 'Aatmanirbhar Bharat' was launched by the government months after the COVID-19 outbreak in 2020, is aimed at boosting the country's production capacity by attracting foreign players.

Best Country Ranking 

In the overall Best country ranking, Switzerland has topped the chart, followed by Germany, Canada, US and Sweden.

India has been ranked 31st in the best country ranking amongst 85 countries.