Manufacturing in its extensive sense is the process of converting raw materials into products; it includes the design and manufacturing of goods using various production methods and techniques. Manufacturing began about 5000 to 4000 B.C with the production of various articles of ceramics, wood, stone and metal. The word manufacturing is derived from the Latin word manu factus meaning “made by hand”; the word manufacture first appeared in 1567and the word manufacturing in 1683.Consequently Manufacturing may produce discrete products, meaning individual parts or pieces such as nails, rivets, gears, steel balls and beverage cans. On the other hand wire, sheet metal, tubing and pipe are continuous products that may be cut into individual pieces and thus become discrete products.
A manufactured item has undergone a number of changes in which raw material has become a useful product, it has added values, defined as monetary worth. Manufacturing is extremely important for national and global economics .
Accordingly manufacturing takes turns under all types of economic systems. In capitalist free markets, goods are manufactured on demand by millions of small independent producers in direct competition with each other. In capitalist captive markets goods are mass produced by legally protected publishing and manufacturing monopolies. In collectivist markets the manufacturing of goods is entirely directed by the state based necessity.
Additionally modern manufacturing includes all intermediate processed required in the production and integration of a product’s component. Emerging technologies have provided some new growth in advanced manufacturing employment opportunities in the manufacturing belt in the United States. Manufacturing provides important material support for national infrastructure and for national defense.On the other hand most manufacturing may involve significant social and environmental costs. The cleanup costs of hazardous waste, for example may outweigh the benefits of a product that creates it. Hazardous materials may expose workers to health risks. These costs are now well known an there is effort to address them by improving efficiency, reducing waste using industrial symbiosis and eliminating harmful chemicals.
Economically, manufacturing is an important means by which a nation creates materials wealth. In a country like united states , the manufacturing industries account for about 15% of gross domestic product (GDP). A country’s natural resources such as agricultural lands, mineral ‘deposits and oil reserves also create wealth.
Manufacturing in India
Manufacturing has emerged as one of the high growth sectors in India. Prime minister of India, Mr. Narendra Modi, had launched the ‘Make in India ‘program to place India on the world map as a manufacturing hub and give global recognition to the Indian economy. It has been expected that India will become the fifth largest manufacturing country of the world by the end of the year 2020.
Indian government has taken a bold decision of increasing the contribution of manufacturing output to 25% of GDP by 2020 which is currently 16%.
It has been estimated that by the year 2025 India will reach US$ 1 trillion in manufacturing sector , which will contribute 25-30 of the country’s GDP and will create 90 million jobs. As far as business conditions are concerned they will continue to remain positive.
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