With its ranking going up by three places, India has now been ranked sixth among the world's 10 largest manufacturing countries, a UNIDO report has said.
With its ranking going up by three places, India has now been ranked sixth among the world’s 10 largest manufacturing countries, a UNIDO report has said. The country previously held the 9th rank.
The Yearbook, published by the United Nations Industrial Development Organization (UNIDO), finds that in India, the Manufacturing Value Added (MVA) grew by 7.6 per cent in 2015 compared to the previous year.
It also said that the quarterly index of industrial production (IIP) shows 1 per cent growth of manufacturing output in the fourth quarter of 2015 compared to the same period of previous year.
“India is now the sixth largest manufacturer in the world,” the report said.
The report also said that the global growth rate of manufacturing production has slowed to 2.8 per cent in 2015.
“This slowdown could be due to reduced manufacturing growth rates recorded by major developing and emerging economies,” it added.
China tops the list of 10-top industrial producers followed by the US, Japan, Germany and Korea. Indonesia was at the bottom of the list.