India ranked second in global manufacturing competence in 2010, India's manufacturing sector is poised for immense growth in future owing to its eminent talent pool in science, technology and research. Indian economy has made significant progress over the last few years, with the gross domestic product (GDP) growing at an average rate of 5.3 per cent. India is the world's third largest economy in terms of the purchasing power parity (PPP) and has investments amounting to nearly a trillion dollars lined up in partnership with the private sector in the coming years.

Various surveys have pointed that Industrial growth, particularly manufacturing, and services segments, would be critical to steer India on the high-growth path The manufacturing industry in India, has all the qualities which enhance economic development, increase the productivity of the manufacturing industry and face competition from the global markets. The Manufacturing industry in India is believed to have the potential of improving the economic condition of India.