Reasons to invest in manufacturing sector:
According to the prime minister of India, our country abounds in the democracy, demography and demand required for any business to grow and develop. What’s more, the skilled labour, educated population and infrastructural facilities is bound to make our country one of the most powerfully industrialised countries by 2030. India has all the amenities that are required to attract the foreign investors and the manufacturing sector too, is growing at a pace faster than ever. It is aiming at the global audience and isgetting equipped to compete at an international level.
Steps taken by the Government to promote manufacturing business:
The “Make in India” initiative of the Government is further supported by several budget decisions and initiatives so that a greater number of aspiring entrepreneurs make a move forward for starting their business in India.
- The rate of corporate tax would fall by 5 percent of the net profits for those companies that are registered in India for four years from 2016-17 financial year.
- A pre-existing regulatory system would suffice the preparation of legislation and there is no need to arrange for numerous permission programs.
- You can now apply online for the Industrial Entrepreneur Memorandum or IEM and Industrial License or IL. The validity period of the IL has been expanded to 3 years from 2 years.
- Introduction of the e-BIZ portal would allow an entrepreneur to fill up necessary documents, upload the requisite file, make online payment and submit the forms so that the higher authority can analyse it.
- The most significant of them all, SKILL INDIA is a newly introduced program, aimed at developing the skills of to-be entrepreneurs from all strata of the society. It would help in establishing our country at an equal position with its international competitors.
Small scale manufacturing business ideas to start in India
If you had been looking to step forward in small scale manufacturing industry, here are a few ideas to get started:
- Fabrication of aluminium: In recent times, those wooden frames for windows and doors have been overtaken by aluminium slides which indicate a boost in this industry. Moreover, this industry is expected to be doubled of its present size by 2017 and therefore it is a great opportunity for willing investors to start this business and reap benefits from their investments.
- Wooden furniture: Furniture are considered an essential part of any home or office buildings. The growth in the housing market signifies an increased demand for all types of furniture ranging from office furnishing to luxury furniture, from versatile furniture to indispensable furniture. So, if you are willing to start this business, there is a huge profit margin and exposure awaiting you. All you have to do is study the market and find out who will be your target consumers; will you be manufacturing world-class furniture or household essentials or furniture for offices. It would be wise to attempt at one group initially and then expand your business.
- Paper cup and paper plate making business: Banning of polythene cups and plastic plates has rewarded this industry to a great extent. Now you can start your own paper cup and plate manufacturing business with low investment and save the environment from potential threats. To make your income, you can sell off your manufactured items to a wide array of consumers like restaurants, roadside eateries, wholesale parties, tea stalls, wedding parties, tea stalls and many others.
- Different types of bags manufacturing: Bags have recently gained prominence like never before. As a result, various types of bags are nowadays used by women including purse, totes, slings, shopper bags among others. Even men are not lagging behind in this respect. Laptop bags, messenger bags, wallets and backpacks are used by almost all men. Therefore, if you can start your own bag manufacturing business, it will be a profitable venture and you can see your business grow within a small span of time. But, it is also crucial to determine which type of raw items you would work with as there are numerous options available including leather, jute, foam, canvas, PU leather and cloth fabric.
- Hollow blocks of cement: The manufacturing industry of India is developing at a fast pace and making hollow blocks of cement is one of the most profitable ventures in our country. It is something that’s neither labour nor capital intensive. This business is prospering not just in India but also in China and Africa where entrepreneurs are coming together to start their small business of constructing cement blocks. Today these blocks serve to be a cheap alternative to the traditional bricks owing to their lightweight and lesser price. As a result, these bricks are used in homes and in commercial places including hospitals, shopping malls, posh restaurants, amusement parks and many others.
- Paper and paper stationery items: The need for diaries, exercise books, notepads and notebooks remains unchanged even in the age of digitization. Kids even today, take exercise books and notebooks in their schools and coaching classes. Don’t you grab a notebook for writing something important that needs to be noted right at the moment? So, if you start your own business of making paper items like exercise books, notebooks, different types of papers and diaries, your venture is bound to flourish. Moreover, this business doesn’t require a huge capital investment and you start your own manufacturing unit to cater to the demands of school, college and office supplies.
- Chemicals Manufacturing: You may also manufacture different types of chemicals used for cleaning, washing and preserving food items in national as well as international markets. With little amounts of capital investments, you would be able to start your business and earn recognition through it.
- Yoghurt production: Yoghurt is consumed by almost all Indian families with their daily families and its amount has increased to a greater extent with the awareness of different health benefits offered by this delicious accompaniment. Today almost all families keep a bowlful of yoghurt to be eaten with lunch and dinner. Therefore, you may start your yoghurt production business that basically works on the process of controlled fermentation. It doesn’t require much investment and you can make good profits by catering to the rising demand for yoghurt.
- Processing of vegetables: A newly launched business is that of processing of vegetables and selling them off mainly to the international market. For this, you need to buy a drier which would dry up the small pieces of vegetables and process them so that they can be added in noodles, soups and different types of curries with high profit margin. It is good thing to start with and there are no downsides included in this business.
- Paper towels: Use of paper towels is increasing day by day in restaurants, hotels, eateries, coffee shops and even homes. Therefore, it is a lucrative opportunity for you to start a business that can be started with a small capital of low investment and easy return on investment.
The growth of small scale manufacturing business in India is quite plausible. In terms of demographic plus points, our country is presumed to rank among one of the top three economies across the globe within 2020. There is also a strong consumerism felt in our country which is backed up by excellent engineering skills and technical aptitude and top-class training institutes.
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