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Overview of Small and Micro Enterprises in Indian Manufacturing Industry

  With India becoming an important global trading partner, The Indian manufacturing industry is witnessing rapid growth which is creating a lot of opportunities for small and micro-businesses. The micro and small enterprises have a lot to offer - from innovative products and services, effective marketing strategy, to efficient production, low overheads, and customer-friendly policies. However, all these aspects require skilled professionals who can deliver the services with professionalism. This is the reason the service providers are looking out for experienced graduates and professionals in the manufacturing industry.   Challenges and opportunities exist simultaneously in the industry. Challenges pose as a barrier to be overcome by using the best resources available in the market, while opportunities can be grabbed if the requisite technology and skills are put to good use. The challenges can be categorized as external factors, while opportunities can be considered internal facto
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Advantages of Small and Micro Enterprises in Indian Manufacturing Industry

  Advantages of Small and Micro Enterprises in Indian Manufacturing Industry. Many Indian manufacturing companies are looking to the small and micro enterprises to take up new technology, new processes, and new strategies for business growth. There has been a steady rise in the number of small and micro enterprises (SMEs) in India from the past decade. According to the recently released FDI statistics, the number of foreign direct investment (FDI) in the manufacturing sector of India has increased by nearly twenty percent over the last two years alone. India is emerging as one of the fastest-growing sources of growth for FDI in emerging economies. However, challenges and disadvantages exist that Indian SMEs need to overcome if they want to remain competitive in the global market.   Challenges and Disadvantages Small and Micro Enterprises in India faces many challenges that were not present even ten years ago. The high rate of unemployment is a major challenge for small and micro en
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Importance of Artificial Intelligence in Manufacturing Industry

  The importance of artificial intelligence in the manufacturing industry cannot be denied. As we know that Indian manufacturing is growing every year the productivity of Indian businesses is increasing. Due to this development, the competition in the field of manufacturing industry has also increased. Nowadays, Indian businesses are facing tough competition from foreign companies that are using the new technologies. So, India has to develop its own competitive edge and utilize all the opportunities it is given. Today the biggest advantage a manufacturing unit can have is the Artificial Intelligence system.   In today's world, every business organization is employing the Artificial Intelligent system for decision making. But, even after applying these intelligent techniques businesses still face many challenges that are difficult to surmount. The most important problem that affects the business globally is the lack of human resources. No matter how sophisticated and intelligent
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Strategies Related to Manufacturing Industry

  Challenges and Opportunities: Manufacturing Companies have many challenges and opportunities that they need to address. The challenges faced by the manufacturing industry are increasing global competitiveness, decreasing domestic demand, and increasing working time. The opportunities for the manufacturing companies are increased productivity, increased market share, enhanced profitability, and reduction in the cost of production. These are some of the challenges which the manufacturing companies need to address.   In today's scenario, all the countries are facing significant challenges and opportunities related to their industries. The growth rate of the Indian economy is declining rapidly. The government's policies are concentrating on making the industries more competitive. It is necessary to address the issues related to competitiveness and enhancing the market share of the companies.   The emergence of the Information Technology industry has created a situation wh
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How Manufacturing Industry Can Contribute to Indian Economy?

  The global economic recession has affected every sector of the global business very badly and it has left the manufacturing sector with a very adverse situation. However, the government has taken steps to ensure that the manufacturing sector takes its due share in the GDP growth. There are several factors responsible for this. In the following paragraphs, I would like to highlight some of the challenges that the manufacturing sector of India is facing and what can be done to overcome them.   The first challenge is related to the kind of business that a manufacturing unit can carry on. If a manufacturing unit is looking to start a business of its own, then it would have to expand its market base. It is only when the business unit has expanded to a larger territory that it can start selling its products to the domestic market. This is only possible if there is sufficient demand for the products.        Another factor that has a direct impact on the manufacturing sector is the k
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Impact of Manufacturing Industry in India

  The impact of the manufacturing industry in India is marked on almost all areas of the economy. There has been a significant change in the economic development and the growth rate in the industrial sector in the last 30 years has been remarkable. India is now emerging as a great tourist hub and there are several upcoming tourist destinations that have been promoted as the 'Best India Tours'. Tourists from all over the world plan to visit India during their holidays to experience the culture, history, and natural beauty.   Tourism in India is gaining popularity day by day and there are numerous upcoming tourist destinations in the country which have gained a lot of importance due to their attractive ambiance, low cost of accommodation and various other facilities offered. The impact of the manufacturing industry in India on the tourism industry in India is quite significant. These factors have encouraged businessmen to invest a greater part of their capital in the industry
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Importance of Big Data on Manufacturing Industry

  The Importance of Big Data and Its Effects on the Manufacturing Industry is something that is well discussed. As a nation, India is yet to discover its true potential in exploiting technological advantages, but this is not very much of a concern for countries that are already technologically developed. With the proper tools and applications, a country's resources can be used for more productive purposes that yield far better results than simply providing raw materials and labor for corporate mills and factories. With the advent of big data, India has risen to the occasion to contribute more to big data technologies, and the country is now home to some of the most advanced software applications in use anywhere in the world. This, of course, has translated into opportunities for Indian companies to tap into some of the biggest and best opportunities in outsourcing.   Big data can be a game-changer for any manufacturing enterprise, especially in the context of today's global
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