Manufacturing is the creation or production of goods with the help of equipment, labour, machines, tools, and chemical or biological processing or formulation. It is the essence of the secondary sector of the economy. The term may refer to a range of human activity, from handicraft to high-tech, but it is most commonly applied to industrial design, in which raw materials from the primary sector are transformed into finished goods on a large scale. Such goods may be sold to other manufacturers for the production of other more complex products (such as aircraft, household appliances, furniture, sports equipment or automobiles), or distributed via the tertiary industry to end users and consumers (usually through wholesalers, who in turn sell to retailers, who then sell them to individual customers).
Manufacturing engineering is the field of engineering that designs and optimizes the manufacturing process, or the steps through which raw materials are transformed into a final product. The manufacturing process begins with the product design, and materials specification. These materials are then modified through manufacturing to become the desired product.
Contemporary manufacturing encompasses all intermediary stages involved in producing and integrating components of a product. Some industries, such as semiconductor and steel manufacturers, use the term fabrication instead.
The manufacturing sector is closely connected with the engineering and industrial design industries.
Modern manufacturing units have become more efficient and digitized to reduce the risk of human error and improve productivity. Lean manufacturing strategies can also help companies reduce waste and overproduction. Cloud manufacturing software can streamline the flow of information as goods move through the supply chain and production process.
Announced in 2014, "Make in India" had three stated objectives:
After the launch, India gave investment commitments worth ₹16.40 lakh crore (US$200 billion) and investment inquiries worth of ₹1.5 lakh crore (US$18 billion) between September 2014 to February 2016. As a result, India emerged as the top destination globally in 2015 for foreign direct investment (FDI), surpassing the United States and China, with US$60.1 billion FDI.
As per the current policy, 100% Foreign Direct Investment (FDI) is permitted in all 100 sectors, except for Space industry (74%), defence industry (49%) and Media of India (26%). Japan and India had also announced a US$12 billion 'Japan-India Make-in-India Special Finance Facility" fund to push investment.
Copyright © 2024 M-Cube ideas- All Rights Reserved.
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.