India has edged past China and Vietnam to be ranked as the country with the cheapest manufacturing cost, as per a list compiled by US News and World Report.
On a scale of 100, India has scored cent percent when it comes to cheap manufacturing costs, the survey conducted by the American media company suggested.
The country has an overall 'Open for Business' score of 37, the report said. It added that India has scored low on other scales - 16.2/100 when it comes to 'favourable tax environment', 18.1/100 in the 'not corrupt' sub-category and 3.5 in 'transparent government policies'.
The report, however, gives India a score of 81.9/100 in the 'not bureaucratic' sub-category.
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The findings come at a time when the Narendra Modi-led government is attempting to make India a hub of global manufacturing. The 'Aatmanirbhar Bharat' or self-reliant India campaign, launched by his government months after the COVID-19 outbreak in 2020, is aimed at boosting the country's production capacity by attracting foreign players.
China, which is India's prime economic competitor in the South Asia region, has an overall 'Open for Business' score of 17, the report said. However, it ranks at the second spot, behind India, when it comes to cheap manufacturing costs.
Vietnam, which has attracted a slew of apparel and footwear manufacturers over the past few years, has been placed at the third spot in the category of countries with the cheapest manufacturing costs. It is ranked 47th in the overall 'Open for Business' category.
The list of top 10 countries with the cheapest manufacturing costs, which is headed by India, also includes Thailand (fourth), Philippines (fifth), Bangladesh (sixth), Indonesia (seventh), Cambodia (eighth), Malaysia (ninth) and Sri Lanka (tenth).
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