India has emerged as one of the top ten manufacturers of the world in 2010, driven mainly by its strong economic growth, the United Nations Industrial Development Organization (UNIDO) has said.
According to UNIDO's publication, ‘International Yearbook of Industrial Statistics 2011,' released in Vienna on Thursday, India, together with other leading developing economies such as Brazil and China, showed strong performance in economic growth in 2010. The manufacturing value added (MVA) of these three countries grew by over 10 per cent in 2010 (at constant U.S. dollars of 2,000).
“Thanks to the high growth rates achieved by developing countries, their share in world manufacturing output has reached 32 per cent compared to 20 per cent 10 years ago,” UNIDO said in a statement here.
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India tops developing countries (China excluded) in production of textiles, chemical products, basic metals, general machinery and equipment, and electrical machinery. “India has overtaken Brazil in the production of motor vehicles and now ranks second among developing countries after Mexico,” the statement said.
However, India's Asian competitors — Thailand, Malaysia and the Philippines — are ahead in the production of electronic goods such as computers and office equipment, radio, television and other communication equipment, it said.
With world manufacturing showing first signs of recovery from the recent financial crisis, the UNIDO has estimated the global MVA to have grown by 5.3 per cent in 2010. Since 2006, this was the first year when industrialised countries showed a growing trend in industrial production.
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The Yearbook has revealed that while the MVA of industrialised countries grew by 3.4 per cent in 2010, the developing economies were, however, the major force of world industrial growth. “In 2010, [the] MVA of developing countries grew by 9.4 per cent,” it said.