Economic growth and its forecast will
depend on the future marketing trends and also demand of different products.
Creating a demand for the products and meeting its supply will create for a
stable business model and also boost economic growth.
The manufacturers need to
tap into this when there is demand for certain products they are making to help
boost their business says JigneshBarasara.
Most of the businesses are interdependent.
When one of the sectors gets weak or unstable then many of the businesses get
affected. To help the manufacturing vendors have a stable growth and to know
what the future holds for them they need a forecast for at least a 3-4 years
ahead. It is the work of the economic bodies to make such forecasts. This being
the year 2018 the forecast for 2021 can be predicted. This is based on the
present scenario in the economy and what can be expected on the basis of today’s
trends on the global front.
There are many criteria that help for the
growth of any sector. For the manufacturing sector they need to have
manufacturing knowhow, good infrastructure, support from the government, ease
of doing business among other points.
Today in India the ease of doing business
has improved as some of the restrictions that were imposed have been removed.
This has given a boost for the manufacturing sector. It has become at par with
the global standards and the Indian goods have a better market for their goods
in foreign lands now. Thus you can forecast that there is scope for ample
growth for this sector as you can see the number of such vendors growing in
different areas of manufacturing. This will add to the economy of the country.
India has a huge skilled manpower and so the
cost of attaining can be said to be relatively low. This helps to minimize the
cost of production making way for better pricing and increasing their
penetration into markets not pursued. This will surge demand and sales and
bring in ROI sooner.
The infrastructure plays a huge role for
manufacturing sector.
The bar for this at the global level has been raised.
Indians have to match this up to stay in the competition. With different kinds
of technological advancements and the reach of these on the global platform
becoming bit easier the latest trends of these have been deployed here too. So
it has become possible to make goods at the standards of the global level.
The manufacturing sector will be seen to
add to the economy in the coming couple of years what with the support of the
government and offer of initiatives, incentives and tax reforms for startups.
This is surely going to see an increase in the number of products made along with
number of people joining this sector swelling thus giving a boost to the
economy by the year 2021.
