India and China Gearing Up to Rival the Industrialized Nations in Manufacturing
Published By : 01 Jun 2015 | Published By : QYRESEARCH
While many would think that recent development strategies in the manufacturing sector adopted by India and China reaffirms the history of rivalry between the two economies, industry experts however, have a completely different perspective.
It’s been only a couple of months since Prime Minister Narendra Modi divulged the “Made in India” plan, that communist party as well unveiled their target of Made in China 2015. The latter is likely to be a 10 years program to push the economy beyond the boundaries of indigenous labor-intensive manufacturing to a more sophisticated approach. Taking a closer look to these developments will reveal a significant shift of manufacturing ideologies in both the economies, which has the capacity of drawing the Asian giants, mostly pitted as rivals, economically close to one another.
While the core focus of Made in China will remain to boost paradigm shift from labor-intensive practices to a more sophisticated line of production encompassing from robotics to aerospace, PM Modi’s plan focuses on catapulting the basic manufacturing to the forefront of the economy that would create better paying jobs. In simple words, China has now set its target to rival Germany and Japan, while India is happy to settle in the position that China is acquiring at present.
The co-head at HSBC Holdings Plc for Asian economic research in Hong Kong, Frederic Neumann said that India is more focused to capture the gaps, which China will leave in the pursuit of high-set goals over a period of time. The so-called technologically advanced society on the other hand is on the verge of facing China as a tough competitor. According to Neuman, China will collide head to head with the industrialized nations in the forthcoming years.