Indian manufacturers are significantly more likely to operate multi-nationally than their Chinese and Brazilian counterparts, according to a study which also said they are on par with the globalisation efforts of those in Germany and the US.
The study ‘The Product Mindset 2013’ conducted by safety science company UL said as much as 88 per cent of Indian manufacturers operate globally compared with 68 per cent in China and 64 per cent in Brazil.
The study further said that Indian manufacturers (55 per cent) are on par with those in Germany (50 per cent) and the US (54 per cent) on the aspects of global operations such as sourcing, manufacturing, distribution/sales and marketing/promotion, leaving behind their counterparts in China (32 per cent) and Brazil (31 per cent).
The study shows globalisation influencing manufacturers and consumer priorities such as transparency and ethical sourcing, a UL statement said.
Now in its third year, the study seeks to better identify the concerns and priorities of manufacturers and consumers.
According to the study, Indian consumers are becoming more and more conscious about eco-friendly products. A very high percentage of Indian consumers (81 per cent) are willing to pay more for eco-friendly products than their counterparts.
Nearly three-quarters (73 per cent) of Indian consumers believe that manufacturers use eco-friendly processes.
Seventy seven per cent of India’s consumers believe that product quality has improved in the past five years, but 54 per cent believe manufacturers use low-cost materials regardless of quality.
Product recall is conspicuous by its absence in India, and redressal by consumer forums is arduous. A tangible sense of optimism is emerging in Indian market with regard to regulatory norms. The study indicates that 79 per cent of Indian consumers desire stringent regulations.
UL said it employed an independent research firm to conduct the global quantitative survey among 1,528 consumers and 1,521 manufacturers across Brazil, China, Germany, India and the US.