Millennials Can Start These Manufacturing Opportunities
Manufacturing businesses have been an important part of the Indian business ecosystem. They are upholding the market by fulfilling customers' needs. The Indian manufacturing sector also contributes significantly to the country’s GDP. According to IBEF's report, business conditions in the Indian manufacturing sector continue to remain positive. The manufacturing component of IIP stood at 129.8 during FY20. Strong growth was recorded in the production of basic metals (10.8 per cent), intermediate goods (8.8 per cent), food products (2.7 per cent), and tobacco products (2.9 per cent). The country's Index of eight core industries stood at 131.9 in FY20.
Over the years, the country's economic hub has enormously developed. With help of the latest technology, manufacturers have raised the quality of manufactured goods, in turn, meeting global standards. Additionally, the Indian government induced the 'Vocal for Local' concept thrusting manufacturing segment. This had enabled consumers to divert their attention from foreign brands and procure goods from homegrown brands, in turn, maintaining cash flow within the country.
Such developments encouraged aspiring entrepreneurs to step into the manufacturing industry. Owing to the crisis, a large chunk of manufacturing opportunities have emerged. Young millennials can opt for any of these manufacturing opportunities in India and kick-start their entrepreneurial ride.
Natural resources on the Earth have depleted due to the increased consumption. Human beings are now releasing this problem and trying to reverse the effect. If young minds seek to contribute to this social cause, then they can start a business of eco-friendly bags. Creating bags out of biodegradable material can be a good manufacturing business. One can produce different types of bags depending on the upcoming trends. From daily use bags to fancy bags, a wide variety of women's handbags can be manufactured according to customers’ preferences. For producing these bags, a company can use sustainable raw materials for production such as cotton, jute, and biodegradable plastic. Besides selling bags to customers directly, the company can sell bags through intermediaries.
The face mask is a prerequisite in checking the spread of COVID. As the number of patients inflicted from COVID is rising, there is always a high demand for face masks. Keeping this in mind, aspiring entrepreneurs can start manufacturing face masks.
For creating masks, it is important to know sewing, have access to raw materials, and a skilled workforce. All these factors help create a large chunk of face masks. The company can sell those face masks to customers across the city or through an online platform. This manufacturing opportunity will aid in combating the current adversity.
Lately, people have started teaming up masks with their apparel. Going by this trend, face mask manufacturers can offer customised services to the clientele. They can create aesthetic masks and meanwhile, charge a bit more than normal masks.
To control the spread of Coronavirus, it is vital to sanitize one’s body, as well as possessions, constantly. Sanitisers are significantly required for this process. Besides procuring sanitisers from pharmacists, one can create sanitisers at home.
At the moment, selling sanitisers can be a great manufacturing opportunity. To prepare sanitisers, one has to comprehend the process, buy chemicals, bottles and much more. It can be a complicated task initially but guarantees success if prepared sanitizers are effective in eradicating the spread of germs. To attract customers, manufacturers can sell sanitizers at reasonable prices. Low prices will catch customers’ attention thus, manufacturers would not have to opt for meditators.
New enterprising minds can start their manufacturing ventures effortlessly now. Unlike before, times have changed now and so are manufacturing opportunities in India. If you know any exciting manufacturing business ideas, then share them with us in the comment section below.
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