The index is prepared by World Economic Forum (WEF) and was released as part of WEF’s first ‘Readiness for the Future of Production’ report
The report analyses development of modern industrial strategies and urges collaborative actions to achieve sustainable growth. It encourages new and innovative approaches to public-private collaborations to accelerate transformations in the backdrop of Fourth Industrial Revolution.
The index categorizes countries into four groups viz.
Leading (strong current base, high level of readiness for future),
High Potential (limited current base, high potential for future),
Legacy (strong current base, at risk for future)
Nascent (limited current base, low level of readiness for future)
India has been placed at 30th rank compared to 100 countries and was placed within the ‘Legacy’ group
The report notes that India remains the 5th largest manufacturer in the world and manufacturing sector contributes 16-20% of India’s GDP. However it also points out that, India ranks poorly in few parameters like female labour workforce participation, trade tariffs, regulatory efficiency and sustainable resources. These issues need to be resolved to realize the dream of converting India into a manufacturing hub and ensure the success of Make in India.
