New Delhi, Aug 26 (PTI) Coordinated action between the government and the private sector can help create globally competitive manufacturing companies in the country, according to a WEF-Kearney report.

It said India's manufacturing sector exports can help drive more than USD 500 billion in annual economic impact for the global economy by 2030.

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The report outlined five possible pathways for India to realise its manufacturing potential.

The pathways include shifting focus from cost arbitrage to capability advantage through workforce skilling, innovation, quality, and sustainability; accelerating integration in global value chains by reducing trade barriers; and enabling competitive global market access for Indian manufacturers.

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It also suggested reducing the cost of compliance and facilitating faster set-up of new manufacturing capacities; and focusing on infrastructure development.

"The COVID-19 pandemic prompted global corporations to rethink their supply chains and manufacturing bases/operations.

"This re-balancing of global value chains presents India's government and business leaders with a unique opportunity to transform and accelerate the trajectory of the manufacturing sector and transform India into a global manufacturing hub in the coming years," it added. HRS hrs

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