Small-scale businesses are crucial to increase employment and economic development of India. They contribute about 40% of India’s gross industrial value, which is expected to increase substantially within the next 5 years.
Initiatives from the government like ‘’Make in India” and the easy availability of business loans from different financial institutions have provided a great opportunity for individuals to start their own small-scale businesses.
Here are the best manufacturing business ideas in India with a lot of potentials to succeed.
Shoe manufacturing business
The global footwear market is anticipated to grow at CAGR of 3.1% till 2026. It is a very potential business ideal which requires low to medium capital investment. You can hire manpower to produce handmade shoes or purchase machinery for bulk production.
Garment manufacturing business
The textile industry contributes to about 4% of India’s GDP and 15% of India’s total exports. India is highly valued globally for its textile production in the international market due to the fine quality of the fabrics it produces.
There is a huge demand in the market of “Make in India” apparels that reflect India’s culture. You can start a small-scale textile business by hiring skilled professionals and manufacture apparels that showcase India’s heritage to cater to the needs of the market.
Furniture manufacturing business
The Indian market is witnessing high demand for multi-purpose furniture. A rise in the number of residential and office properties in the country needs a constant supply of furniture that suits the modern décor.
It is currently one of the best business ideas in India as there is a huge demand in the market. You can hire a team of skilled furniture designers along with a few dedicated market research experts to produce furniture according to the market need.
Candle manufacturing business
Candles are still widely used in India and it has nothing to do with the extent of electricity supplied to rural India. It is also used in various decorative purposes such as birthday parties, marriages, during celebrations, etc. The demand for scented candles is also growing as they are now widely used in restaurants and spas. It can be a profitable business idea as the demand for candles will be constant. Also, with proper research and marketing, there is a scope of catering a market with constant growth.
It one of the best business ideas in India currently which demands low to medium investment. You can take a business loan from any NBFC to fund the capital required.
Bajaj Finserv is one such financial institution which provides such loans with competitive interest rates. Bajaj Finserv also provides pre-approved offers so that you can avail these loans in a hassle-free manner. Pre-approved offers are valid on different financial products like home loans, personal loans, business loans, etc. You can check your pre-approved offer by providing a few basic details.
Paper bag manufacturing
The ban on plastic carry bags in certain regions of the country has created an opportunity for paper bag production to be one of the most profitable manufacturing business ideas in India. Paper bags are the obvious alternative to plastic carries for shopping malls, company franchises, departmental stores, etc.
The industry has ample room for growth and you can start a small-scale business with a few skilled employees and the necessary support to run it smoothly.
Smartphone accessories manufacturing
The smartphone market in India witnessed a growth of 19% in 2018. There were approximately 37.4 Crore smartphone users in the country at the end of 2019. The huge demand for smartphones is evident that a smartphone accessory manufacturing business is one of the most profitable manufacturing businesses to start in 2020.
There is a huge demand in the market for accessories such as earphones, headphones, power banks, chargers, batteries, casings, etc. You can start a small business with a group of expert professionals to cater to the demand of this ever-growing market. Brand it conclusively and make sure you have the necessary liaisons with top smartphone manufacturers to help the process.
You can pursue any of the above-mentioned manufacturing business ideas in India to run a profitable venture. Make sure you do proper research about these ideas to identify the one which will be the most suitable according to you.