According to a report, India was ranked ahead of China and Vietnam as the nation with the lowest manufacturing costs.
According to US News and World Report, India ranks 31st out of 85 nations in the overall ranking of the best countries.
India ranked 37th in the Open for Business category.
The report ranks 85 countries based on 73 attributes. Attributes are grouped into 10 subcategories including Adventure, Agility, Entrepreneurship, Openness to Business, Social Purpose and Quality of Life.
In the Open for Business subcategory, India scored 100 percent when it comes to low manufacturing costs. But in a “favorable tax environment” it scored 16.2 out of 100; 18.1 in the non-corrupt category and 3.5 in transparent government policies.
Similarly, in the Quality of Life segment, India scored 1.9 on Income Equity; 4.3 in ‘safe’; 2.3 in “well-developed public health system”; and 9.9 in the sub-parameter “economically stable”.
The government has taken steps like introducing production-related incentive schemes and reducing the compliance burden to make India a global manufacturing hub.
In the overall ranking of the best countries, Switzerland is at the top, followed by Germany, Canada, the USA and Sweden.
(Only the headline and image of this report may have been edited by Business Standard contributors; the rest of the content is auto-generated from a syndicated feed.)
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