Top 10 Manufacturing Business Ideas in 2019
The manufacturing industry in India accounts for about 18% of the total GDP and directly employs 12% of the Indian population. Among the huge manufacturing sector, SMEs and MSMEs represent 90% of the total activity of the industry and with new policies such as the National Manufacturing Policy, the industry seeks to contribute more than 25% to GDP and employ more than 100 million of workers. Some of the most profitable sectors among them are:
Agrochemicals – India is ranked as the fourth largest producer of agrochemicals in the world. With agriculture being the largest employer and known as the primary sector of the Indian economy, it has created an operating sector of incessant need for agrochemicals, making it one of the highly profitable manufacturing industries. Businesses range from large-scale manufacturing companies to small-scale businesses that can and do establish themselves in villages. It is projected to reach a market of 269.7 billion US dollars by the year 2022.
Automotive/Auto components – India is projected to be the third largest automaker in the world by 2025. In a survey in April 2018, only one metropolitan city of the lot in India; Bangalore showed the results of 4,000 new registered vehicles being added to the road every day. This obviously drives the auto component industry which ranges from large-scale to small-scale manufacturing, component exports in India stood at INR10.90 billion in 2016-2017. In the Indian export industry, the car ranks third with a valuation of US$14.5 billion.
Pharmaceutical industry – India is the world’s largest supplier of generic drugs. The national pharmaceutical sector represents 3.1-3.6% of the global pharmaceutical industry in terms of value and 10% in terms of volume. In a 2017 report, there were 10,563 pharmaceutical manufacturing companies (including large and small-scale pharmaceuticals) in the ‘India Pharmaceutical Manufacturing Units Directory’.
Textile industry-From colonization to date, India is known for its cotton and the use of cotton in textiles. According to the Ministry of Textiles, the Indian textile industry contributed about 14% to the industrial output, 4% to the country’s GDP and 13% to the country’s export earnings in 2017. India appears to be the largest producer of cotton and the second largest exporter. after china The industry employs about 40 million workers directly and 60 million indirectly.
Food and drinks – The food and beverage industry ranks fifth among manufacturing sectors. It was ranked 13th in the foreign direct investment ranking in 2017. By market size, India ranks fourth in the world in the overall food and beverage industry, with revenue of $200 billion. India is the largest producer of pulses, milk and the second largest producer of rice, wheat, fruits and vegetables. The category makes up about 40% of its Consumer Packaged Goods.
gems and jewels – The gems and jewelery sector plays a prominent role in the Indian economy as it contributes about 7% of the country’s GDP and ranks as India’s leading exporter, accounting for 15% of total exports, which results in 42.6 billion dollars.
packaging industry– Ranked as the fifth largest sector in the Indian economy at $32 million in 2015, it stands out as a standout sector to most other industry segments. Due to the rising standard of living, the stigma that packaged goods have higher value is ingrained in the mind of the consumer and this has resulted in the growth of the packaging industry. This industry is supported by various other industries without relying on any single sector and thus will flourish forever even with the shifts from plastic to paper and cloth.
glass manufacturing – The per capita consumption of glass in India is 1.8Kg. With applications in a large number of areas such as architecture and construction, most buildings, from shopping malls to office and apartment buildings, use glass and fiberglass in walls and doors as decoration. India’s glass export stood at $639 million which has shown an immense growth of $225 million in 2012.
Rubber and rubber products– India is the world’s largest producer and third largest consumer of natural rubber, producing more than 35,000 types of rubber products. It is used for both domestic and international trade, whose exports were recorded at $5 billion per year.
Metallurgical Sector – With increasing demand in cars, capital goods and infrastructure, Indian metal players remain profitable in their sector. India is ranked as the third largest steel producer with an output of 101.4 million tons of crude steel. GOI has enabled 100% investment in the sector along with exploration in the metals and mining sector, which would boost the sector.
