Bangladesh, India’s neighbour, is ranked sixth among the nations with the lowest manufacturing prices, whereas China and Vietnam are second and third.
India has received a perfect score in the subcategory of wide-ranging business when it comes to low manufacturing costs. India was included in the category “Open for Business” at position 37. However, it received a 16.2 out of 100 rating in terms of “favourable tax environment,” 18.1 for “not corrupt,” and 3.5 for “transparent government policies. India received scores of 1.9 for “income equality,” 4.3 for “being safe,” 2.3 for “well-developed public health system,” and 9.9 for “economically stable” under the “quality of life” category.
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This comes at a time when India’s Central government is working to establish India as a centre of the world’s manufacturing. The “Aatmanirbhar Bharat,” or self-sufficient India campaign, started weeks following the COVID-19 outbreak in 2020, aims to increase the nation’s industrial capacity by luring in foreign investors.
To make India a hub for global manufacturing, the government has implemented measures including setting up a production-linked incentive programme and lowering compliance costs.
As per the survey, China, India’s main economic rival in South Asia, has an overall “open for business” score of 17. When it comes to low manufacturing costs, it comes in second, trailing only to India. In the list of nations with the lowest manufacturing costs, Vietnam, which has attracted a tonne of garment and footwear producers in recent years, is ranked third. In the overall ‘Open for Business’ category, it is ranked number 47.
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Following this Thailand has settled for the fourth position maintaining its strength and growth with low rates of unemployment and poverty. Thailand could achieve this due to a sizable agricultural sector and a fiercely competitive manufacturing sector. It leads in textiles, tin, and electronics and is the largest supplier of rice in the world.
Thailand, often referred to as the “land of smiles,” is renowned for its diverse attractions, ranging from bustling contemporary cities and historic ruins to sparkling beaches and glittering temples. Despite being one of the world’s most visited nations, tourism accounts for just 7% of Thailand’s GDP. This highlights the country’s robust economy beyond the tourism sector.
In the fifth position, comes the Philippines as the vast majority of Filipinos living overseas flood the Philippine economy with millions of dollars each year. These remittances have assisted in preserving a budget surplus and a thriving tourism sector. Opportunities in electronics, petroleum, and other products are being investigated, but the implicit reliance on global trends has proven problematic.
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There aren’t many overseas investments in the Philippines, but the nation frequently experiences disastrous tsunamis and other natural catastrophes that necessitate massive humanitarian aid. In addition to that. the president has been under fire from international rights organisations for his divisive drug war, which has claimed thousands of lives.
The list also comprises Bangladesh, Indonesia, Cambodia, Malaysia, and, Sri Lanka in the top 10.
