According to the United Nations Industrial Development Organisation (UNIDO), in 2019, India ranked 42 out of 152 countries, with manufacturing value added (MVA constant 2015 US$) totalling $430.25 billion, or equal to 15.5 per cent of its gross domestic product (GDP). At the same time, China ranked second with MVA (constant 2015 US$) of $4105.87 billion or equal to 28.8 per cent share. In 2019, India’s manufacturing portfolio concentrated mainly on chemicals and chemical products (18 per cent); coke, refined petroleum products and nuclear fuel (13.6 per cent ); food and beverages (9.4 per cent); basic metals (8.6 per cent); and motor vehicles, tractors and semi-trailers (8.1 per cent ). The Indian Government is committed to improving the ease of doing business and luring FDI into the country. India’s journey in bolstering its manufacturing sector had been challenging, yet beset with opportunities. India has consistently pushed for policy reforms to increase the country’s manufacturing output. India can emerge as the next global manufacturing hub. In times of deep economic crisis, such as the one brought on by the COVID-19 pandemic, a swift government intervention through strong fiscal response and injection of capital into the economy is necessary. While the economy as a whole needs significant support, the government must see this as an opportunity to strategically invest in high technologies for priority sectors such as agriculture, electronics and electrical equipment, including computers, telecommunication and space. It should inject aggressive economic incentives and review the current business practises to bring in more trade and investments into advanced manufacturing sectors.
There are a wide range of ERP solutions available today in market for catering to the needs of the manufacturing industry. These softwares provide capabilities for in-built GSTIN validation, Supply chain management, GST compliant ratings, viewable dashboard, real-time data, multi-lingual, etc. Other focus areas of these softwares is Manufacturing management and warehouse, Financial Management, Procurement, Enrollment, Time and Attendance, Shift Management, etc. Remedial measures can be taken to guarantee smooth stream of manufacturing activities by identifying processes that can create disruption in production. Most of these ERPs for Manufacturing industry provide Integrated Planning and Shop Floor Production Function with sales orders, inventory, purchasing and Supplier Management, accounting, and financial reporting play an important role to provide real-time coordination. These systems automate and optimize your core business processes, helping everyone in your organization accomplish more. They act on insights, improve performance and share results with real-time business and financial reporting.