Top 10 Manufacturing Business Ideas in 2019

The Manufacturing Industry in India accounts for about 18% of total GDP employing 12% of India’s population directly. Among the humongous manufacturing sector, SME and MSME accounts to 90% of the totally industry activity and with new policies like The National Manufacturing Policy, the industry is looking to contribute more than 25% to GDP and employing over a 100 million workers. Some of the most profitable sectors among them are:

Agrochemicals – India is ranked as the fourth highest producer of Agrochemicals in the world. Agriculture being the largest employer and known as the primary sector of the economy of India,it has created an operational sector of never-ending need of agrochemicals making it one of the high profitable manufacturing industries. The firms vary from large scale to small scale manufacturing firms that can be and are set up in villages. It is projected to reach a market of US 269.7 billion by the year 2022.

Automobile/Auto Components – India is predicted to be the third largest manufacturer of automobile in the world by 2025. In a survey in April 2018, just in one metropolitan city of the lot in India; Bangalore showed the results of 4,000 new registered vehicles added to road every single day. This obviously boosts the Auto Component industry which vary from large scale to small scale manufacturing, the exports of components in India stood at INR10.90 billion in 2016-2017. In the Indian export industry, Automobile ranks third with the valuation on US $14.5billion.

Pharmaceutical Industry – India is the largest provider of generic drugs globally. The domestic pharmaceutical sector accounts for 3.1-3.6 % of the global pharmaceutical industry in value terms and 10 per cent in volume terms. In a 2017 report, there were 10,563 pharmaceutical manufacturing firms (inclusive of large- and small-scale pharmaceuticals) under the ‘Directory of Pharmaceuticals Manufacturing Units in India’.

Textile Industry-Starting from the colonization till date India is known for its cotton and use of cotton in textile. As per the Ministry of Textiles, the Indian textile industry contributed about 14% to industrial production, 4% to the country’s GDP and 13% to the country’s export earnings in 2017. India is appeared to be the largest producer of cotton and second largest exporter after China. The industry employs about 40 million workers directly and 60 million indirectly.

Food and Beverage – The F&B industry stands fifth largest in manufacturing sectors. It was ranked 13th largest receiver of Foreign Direct Investment in 2017. By market size India stands fourth in the world for the overall F&B industry making a revenue of $200 billion. India is largest producer of pulses, milk and second biggest of rice, wheat, fruits and vegetables. The category constitutes about 40% of its Consumer Package Goods.

Gems and Jewellery – The Gems and Jewellery sector play a noteworthy role in the Indian economy as it contributes to about 7% of the country’s GDP and ranks as India’s major exporter constitution 15% of total exports resulting in $42.6 billion.

Packaging Industry– Ranked as the fifth largest sector of India’s economy with $32 million in 2015, it stands as a salient sector for most of the other segments of the industry. By the increased standard of living the stigma of packed good to have higher value is ingrained in the minds of the consumer and this has resulted in the growth of the packaging industry. This industry is backed by various other industries without relying on just one sector and so will forever bloom even with the changes from plastic to paper and cloth.

Glass Manufacturing – The per capita consumption of glass in India is 1.8Kg. With applications in large no of areas such as architecture and construction, most of the buildings from malls to office buildings and apartments use glass as well as fiber glass as walls and doors as decor. India’s glass export stood at $639 million which has shown an immense growth from $225 million in 2012.

Rubber and Rubber Products– India is the World’s largest producer and third largest consumer of natural rubber which produces more than 35000 kinds of rubber products. It is used for domestic as well as for international trade whose export was recorded as $5 Billion per annum.

Metal Sector – Raising its demand in automobile, capital goods and infrastructure, Indian metal players remain profitable in their sector. India is ranked as the third largest steel producer with production of 101.4 million tonnes of crude steel. GOI has allowed 100% investment in the sector along with exploration in the metal and mining sector which would boost the sector.

Top Responsibilities of Offshore Outsourcing Companies

Offshore outsourcing companies have been in demand in the business industry for the past decade and its performance has nowhere to go but forward. This is because of outsourcing’s unique ability to provide high quality services at a very affordable price. Most offshore outsourcing companies are located in developing countries that have a lower cost of living compared to the many first-world countries. Within an environment where the first-world countries are the ones booming in the business industry, having a developing country provide a number of their needed bulk services helps the global economy immensely.

Offshore outsourcing companies have a lot of services to offer. Their major clients involve business, information technology, accounting, legal and medical sectors. With a broad line of offered skills and services, offshore outsourcing companies have a lot of major responsibilities. Their goal is to help their clients run their business successfully. In order to achieve this, here are a few of their major roles in the business process outsourcing industry.

Provide Diversity in Terms of Broader Skills and Knowledge

In order to keep up with the latest marketing trends, a company must never run out of ideas. Being stuck with one marketing team alone might not be enough. Worse, some businesses do not even have their own marketing staff. By outsourcing, one may realise that there is still a lot to discover. Outsourcing service providers are equipped with the latest marketing knowledge. Since it is their line of profession, the people involved in the outsourcing industries are able to provide new sets of ideas and marketing designs for every kind of business there is.

Maintain an Easier and More Effective Work Environment

Being a boss or an owner of a company may be very stressful. Just imagine all the tasks and errands that are needed to be done. Offshore outsourcing changes this whole kind of setup as the industry believes that a boss is someone who oversees the company’s performance and not the one who does all the job. By acquiring the needed services, letting someone handle the tasks is proven to be more profitable and less stressful at the same time.

Use a Business’ Full Potential to Acquire Massive Success

Most businessmen fail not because they’ve made a wrong business choice but because they haven’t used their business’ full potential. Offshore outsourcing companies are aware of every business’ potential to acquire massive success wherever it may be set up. It is their duty to give their clients more ideas and techniques on how to run a business successfully. With the line of professional and high quality services, it is their main role to let each of their clients prosper.