India is a paradise for entrepreneurs with great possibilities in the market. Starting a manufacturing business here is an excellent idea. But the real challenge is finding the right idea. You need to identify the sector where you can excel or make a mark. This blog is to help in narrowing down the potential manufacturing sectors where you can step in.
Once you are done with the research, finance comes in. To support your plan, Fast Business Loans are available in the country. Here is a guide to figuring out which manufacturing business ideas are the most profitable in India.
Top Five Manufacturing Business Ideas for Indian Entrepreneurs
If you want to establish and grow a profitable and promising manufacturing business in India, these top ideas are considerable:
1. Mobile Accessories
The Indian mobile market is the second largest in the world after China. In the last decade, the mobile manufacturing industry has gone a long way to success. Today, India has some of the biggest mobile manufacturing contractors and brands, including Xiaomi, Samsung, Realme, Apple, and more. So, the mobile accessories manufacturing business is a great platform.
Manufacturing Chargers, batteries, screen guards, Bluetooth speakers, power banks, earphones, and other mobile accessories is a great way to start with. Once the business starts selling, check eligibility for Business Loan and get funds to expand.
2. Leather Products
Manufacturing of leather products is one of the fastest-growing industries in India. It constitutes around 13% of the global hide and skin production and contributes massively to Indian exports. Opening a manufacturing business to produce leather garments and footwear has enormous potential for the Indian and international markets. However, manufacturing leather products requires a constant flow of capital that one can maintain with fast Business Loans.
Also, it is a different business from the previous one; thus, requires a completely different strategy. Still, a Business Loan can be an excellent funding source for manufacturers whether the business owner requires funds for raw materials, specialized technology, a warehouse, or investment.
3. Readymade Garments
The ‘Make in India’ initiative has created new opportunities for India’s garment manufacturing sector. India’s apparel and textile exports in FY22 reached US$ 44.4 billion, which increased by 41% YoY (year on year). The US is the largest market for Indian textile exports, making 27% of the country’s total export value for the same year. The easy availability of natural fibre in India gives the country’s textile manufacturers an added advantage, making yarn, garments, and fabric production a lucrative manufacturing business idea.
Set up a readymade garment manufacturing unit to do a profitable business. Many Indians prefer readymade clothes due to convenience. Many people do not find handmade garments suitable for the fashion trend. Therefore, most people in urban and suburban areas choose prefabricated clothes for ready availability. Since the Indian market has a huge domestic demand for readymade garments, setting it up is a profitable manufacturing business idea for Indians.
4. Furniture
Making wooden furniture items, wood-turning, carving, and carpentry are part of the Indian furniture manufacturing business. Kashmir, Uttar Pradesh, Punjab, and Kerala are traditional contributors to the country’s furniture industry. The woodworking sector is rapidly expanding in India for the following reasons:
The government supports all traditional and indigenous forms of the woodwork for sale under the ‘Make in India’ initiative.
Rapid improvement in the retail, hospitality, real estate, healthcare, and tourism sectors of India, which are primary clients of the furniture industry
FDI-friendly investment plans and regulations attracting substantial foreign investment in the furniture and woodworking industry
A manufacturing business in the woodworking industry is simple to start and operate. If you fulfill eligibility for Business Loan you have the option to go with a customized loan. Get started by establishing a manufacturing unit, purchasing the required machinery and equipment, and hiring skilled workers. Fund cash flow with a Business Loan and get the necessary finance to grow and expand.
5. LED Lights
The popularity of LED lighting has grown immensely over the last few years. They consume less energy and have a longer lifespan, making them a popular lighting option for almost every house, office, shop, warehouse, school, hospital, hotel, etc. Moreover, LED products have high demand in international markets as well. Witnessing the exponential growth of LED lighting in the country, an LED light manufacturing business has enormous growth potential.
Considering the easy availability and low-interest rates of fast Business Loans, this is the right time to venture into a profitable manufacturing business. With a planned approach and funds from a reputable NBFC, succeed in your endeavour with the right choice and decisions.
