M I MITTELSTAND (MIIM) · 2019-08-16 · EAC - MIIM I Overview on Top Industrial States in India I September 27th 2016 | 3 US 14,624 1.9 –2.4% 13% Japan 3,937 0.0 –0.7% 19% Russia

EAC - MIIM I Overview on Top Industrial States in India I September 27th 2016 | 1

RUSSIA

INDIA

CHINA

THE LOCAL EXPERTS SOUTH EAST ASIA

MIDDLE EAST

CEE

KOREA

JAPANWESTERN EUROPE

ON BEHALF OF

EAC- EURO ASIA CONSULTING PARTG

MUNICH / SHANGHAI / MUMBAI / MOSCOW

MANUFACTURING COMPETITIVENESS

OF INDIAN STATES

KNOWLEDGE PAPER

MAKE IN INDIA MITTELSTAND (MIIM)

BERLIN, SEPTEMBER 2016


THE LOCAL EXPERTS

RUSSIA

INDIA

CHINA

SOUTH EAST ASIA

MIDDLE EAST

CEE

KOREA

JAPANWESTERN EUROPE

2

A. BACKGROUND: ECONOMIC RATIONAL

B. EAC ASSESSMENT OF TOP INDUSTRIAL STATES IN INDIA

C. CONCLUSION

CONTENTS


US

1.9 – 2.4%14,624

13%

Japan

0.0 – 0.7%3,937

19%

Russia

(1.8) – 1.5%731

16%

Korea

1.9 – 2.2%1,166

30%

3Source: IMF, World Bank, OECD, EAC Research

INDIAN ECONOMY – COMPARISON WITH GLOBAL PEERS

India is expected to be the fastest growing economy globally and target is to strengthen the manufacturing

share of GDP from current level

XXGDP in Bln EUR (2015)

XX%Share of Mfg GVA in GDP

Brazil

(3.5) – 2%367

12%

China*

6.0 – 6.5%8,349

41%

India

7.4 – 7.6%1,593

16%

Germany

1.3 – 1.6%2,774

23%

South Africa

0.6 – 2.4%232

15%

* China’s share of 41% is indicative of its industrial (inclusive of mfg., energy etc) GVA share in the country’s GDP

GDP growth (2016-2020)

Developing Asian economies Other developing economies

Developed economies

Malaysia

4.4 – 5%247

23%

Indonesia

4.9 – 6%604

21%

Thailand

3.0 – 3.1%250

28%


Source: EAC Research

WHY MANUFACTURING?

Indian government targets to create 100 mio new jobs by aggressively promoting manufacturing with a

target to increase GDP share of manufacturing to 25% by 2022

Target GDP

Manufacturing share

2015 2022

16%

25%

2nd largest population and with the youngest population by 20201

>12 mio people entering workforce each year2

~68% of youth lives in rural India and majority being fit for low skill work, migrate from rural to urban centres 3

Agriculture workforce (~44%) estimated to decline and services to have limited capacity to create/ absorb new jobs4

Transition needed from services led economy to manufacturing based 5

Only manufacturing sector can create required jobs to empower young Indian population and drive GDP growth6


RATIONAL FOR LAUNCH OF “MAKE IN INDIA”


To convert demographic dividend of India to an opportunity, government initiated 3-stage mission of

creating new jobs, addressing skill gaps of young India and creating conducive eco-system for investment

INITIATIVES BY INDIAN GOVERNMENT

Target to add 100 mio new jobs by 2022 "MAKE IN INDIA" launched to attract long term FDI in manufacturing

"START UP INDIA" launched to Promote Young Entrepreneur's & Technology Innovation

"DIGITAL INDIA" to encourage Digitaliization

New “Ministry of Skill Development and Entrepreneurship” - skilling 500 mio by 2022

For co-ordinated implementation creation of 3 tier institutional structure of

– National Skill development agency (NSDA)

– National Skill development Co-ordination board (NSDCB)

– National Skill development Corporation (NSDC)

Introduction of labour reforms with the intention to club existing 40 laws into 4–5 laws

Improve ease of doing business by initiating measurable reforms like getting permits,

installation approvals, banking etc.

Job

Creation

Skill

Creation

Investment

Ecosystem


STATUS-QUO: MANUFACTURING FOOTPRINT


The inherent diversity and sheer size of India makes it critical to establish a sound understanding of the

country prior to identifying the optimum location for setting up a manufacturing/ service facility

5 Major Manufacturing Clusters

13 Minor Manufacturing Clusters

15 Manufacturing Districts

Varied economic activity

and demographic

dividend

Strategic Diversity

Operational Diversity

State-wise industrial

policies

Geographically scattered

industrial clusters

Varying govt. support to

promote investments

Diverse support

infrastructure across and

within states

Scattered demand and

supply centres

Varying cost structures

(investment and

operational)

Varying government

support / competitive

trend

Geographically Scattered Manufacturing Locations


THE LOCAL EXPERTS

RUSSIA

INDIA

CHINA

SOUTH EAST ASIA

MIDDLE EAST

CEE

KOREA

JAPANWESTERN EUROPE

7

A. BACKGROUND: ECONOMIC RATIONAL

B. EAC ASSESSMENT OF TOP INDUSTRIAL STATES IN INDIA

C. CONCLUSION

CONTENTS


APPROACH FOR SELECTION OF STATES

Source: EAC research

3 step approach used to select relevant states for study viz. top industrial states basis mfg. metrics, states

benefitting out of tax incentives and states focused on specific sectors

5 states

2 states

7 states

Top 5 states that have developed

manufacturing eco-system and power

house of manufacturing growth in

India

States that have developed industrial

base on account of special incentives

given by central government

States that have significant

contribution to national

manufacturing GVA and are focussed

on specific sectors

Step 1

Step 2

Step 3

Haryana

Gujarat

Maharashtra

Karnataka

Tamil Nadu

Himachal Pradesh

Rajasthan

Madhya Pradesh

Odisha

Andhra Pradesh

Uttarakhand

Uttar Pradesh

Punjab

Bengal


TOP INDUSTRIAL STATES – PRIORITIZATION


EAC arrived at top 5 manufacturing states based on evaluation of parameters of manufacturing GVA

contribution to national level, mfg. GVA share in State GDP and mfg. GVA growth through 2012-15

Manufacturing GVA contribution in

national GVA (2014-15)1 50%

Manufacturing GVA growth 2012-153 25%

Share of manufacturing in SGDP

(2014-15)2 25%

xx Overall weightage given

Top 5 manufacturing states

1) Manufacturing GVA contribution considered

29 states and 7 union

territories1)

Step 1

Haryana

Gujarat

Maharashtra

Karnataka

Tamil Nadu

Detailed strategic

and operational

parameters

assessment of

selected 5 states


TOP INDUSTRIAL STATES – ASSESSMENT CRITERIA


Top 5 states were thoroughly assessed on strategic parameters of manufacturing relevant population,

economic growth, education infrastructure, industry ecosystem and government support

Step 1

Share of population engaged in factories

Share of working population

DEMOGRAPHICS

Industry clusters

Major industry clusters: State industrial

zones, Special economic zones and private

industry parks

INDUSTRY ECOSYSTEM

Overall GSDP

GSDP growth rate

Manufacturing GDP

ECONOMIC GROWTH INDICATORS

Engineering and Polytechnic Institutions

Industrial training institute (ITI) / Technical

vocational centers

EDUCATION INFRASTRUCTURE

Upcoming infrastructure projects

Manufacturing investment plans

State government incentives

Ease of doing business

Political stability/ public unrest

GOVERNMENT SUPPORT AND STABILITY


TOP INDUSTRIAL STATES – ASSESSMENT CRITERIA


Furthermore, the top 5 states were assessed for operational parameters including utilities, logistic

infrastructure quality, labor availability /quality and standard of living

Step 1

Power

Water resources

Telecom and IT infrastructure

Land cost and availability

UTILITIES AND SUPPORTING INFRA.

Labor wages

Labor quality and availability

Nature of employer-labor relationship

Labor productivity

LABOR AVAILABILITY, COST AND QUALITY

Road transport

Rail transport

Air transport

Port infrastructure

ECONOMIC GROWTH INDICATORS

Living conditions

Safety (Crime Rate)

STANDARD OF LIVING


TOP INDUSTRIAL STATES – OVERVIEW RESULTS

Source: EAC Research and Analysis

Maharashtra, Gujarat and Tamil Nadu are most attractive states for manufacturing, Haryana is emerging

state for future and Karnataka needs government efforts to live up to promise of the past

2.5

5

2.5 5

Op

erat

ion

al P

aram

eter

s

Utilities and

supporting infra

Logistic infra

Labor availability, cost

and quality

Standard of living

Demographics

Economic growth

Education infra

Industry ecosystem

Govt. support and stability

Strategic Parameters

Note: Bubble size represents relative state manufacturing GVA contribution (%) to nation

Step 1

Haryana

Strong automotive and

electronics cluster;

Needs to broaden

industrial eco-system,

and utilities infra.

Gujarat

Strong textile /chemical base;

developing engg; skill, academic &

social conditions needs improvement

Tamil Nadu

Strong cement,

automobile and

leather segments;

strengthen ease

of doing business

and marketing

efforts

Maharashtra

Well established industrial ecosystem;

improving cost competitiveness and

strengthening skilled labor

Karnataka

Strong in biotech,

aerospace, and

electronics; need to

improve utilities, port &

rail infrastructure


TOP INDUSTRIAL STATES – COMPARATIVE ASSESSMENT

While Maharashtra is the largest economy in India, Gujarat has been one of the fastest growing states;

Haryana is an emerging state for the future

Step 1

Maharashtra Gujarat Karnataka Tamil Nadu Haryana

Key Sectors

Automotive

Pharma

Biotechnology

Chemicals

Gems & jewelry

Textiles Pharma Chemicals Petrochemicals Gems & jewelry

BIo-technology

Electronic hardware

Aerospace

Automotive

Automotive

Electronics

Cement

Textiles

Leather

Automotive

Medical equipment

Footwear

Food processing

Mfg. GVA CAGR

(%) – FY12-FY15

Contribution of

GSDP to GDP (%)

Key Supporting

Bodies

1) Gross State Domestic Product

6

3933

204170

2014-152011-12

14.5

11

2921

10581

2014-152011-12

6.9

5

1513

9880

2014-152011-12

7.0

6

2521

126100

2011-12 2014-15

8.9

9

97

4940

2011-12 2014-15

2.2

Source: MOSPI, EAC Research

Mfg. GVA

(bln EUR)

GSDP1)

(bln EUR)

Comparison of GSDP Vs. Mfg. GVA High Similar Low



Utilities and supporting infra. Logistic infra.

Labour availability, cost and quality Standard of living


Demographics Economic growth

Education infra. Industry ecosystem

Govt. support and stability

14

TOP INDUSTRIAL STATES – COMPARATIVE ASSESSMENT

Source: EAC Research and Analysis

With a longstanding and well established industrial base, Maharashtra leads the pack in strategic as well

as operational parameters

Step 1

Operational ParametersStrategic Parameters

4.3 3.9 3.6 4.1 3.2 4.0 3.6 3.7 3.5 2.9

6

4

3

2

5


TOP INDUSTRIAL STATES – MAHARASHTRA


Maharashtra has a well established industrial base that is spread across the state; however majority of the

development has been around the Mumbai and Pune regions

Step 1

Plans to build sound industrial ecosystem around

DMIC corridor and MIHAN (multi-modal

international cargo hub and airport Nagpur)

project

Pune

Nanded

Nagpur

Raigad

Mumbai

Aurangabad

Nashik

Thane

Ratnagiri

Kolhapur

Solapur

Sangli

Osmanabad

Ahmednagar

Latur

Wardha

Textiles Food Processing HubsAuto & ancillary Chemical Hubs

Districts with single industry focus Districts with multi-industry focus

~38% of India’s automobile

output by value in 2013

Over 17% of India’s chemical

revenue with over 1800 units

Attracted ~15 Bln EUR FDI

from 1991 with over 16,500 small

scale and 322 large scale units

Largest employer with 14

integrated textile parks and 10

new mega textile hubs planned


TOP INDUSTRIAL STATES – GUJARAT


Gujarat accounts for major share in India’s production and exports of Chemical, Pharma, Textile, Jewelry;

targets to be major hub for Auto by 2018; Ahmedabad, Vadodara, Surat among key industrial areas

Step 1

Developing 7 Special Investment Regions for

industrial activity by 2020; Additionally 4

industrial areas and 2 investment regions will be

developed as a part of DMIC project

TextilesAuto & ancillary Chemical Hubs Engineering

Kutch

Jamnagar

Rajkot

Bhavnagar

Junagad

Surendranagar

Mehsana

Ahmedabad

Anand

Vadodara

Navsari

Valsad

Surat

Bharuch

Sabarkanta

Panchmahal

Medical Equipment Districts with single industry focus Districts with multi-industry focus

Emerging as key destination for auto

Sector; targeting 10% output from by 2020

Accounts for 62% of India’s petrochem.

production, and 18% of chemical exports

Contributes 65% of denim production;

has presence of ~1500 medium to large

textile units

One of the largest medical eqpt. mfg.

cluster with over 55% of India’s cardiac stents

Accounts for 9% of India’s engineering

output


TOP INDUSTRIAL STATES – KARNATAKA


Karnataka commands major share of India’s output in Biotech, Aerospace, Automotive, Electronics sector;

Bengaluru is a key industry hub with an established ecosystem for multiple sectors

Step 1

Developing two industrial parks at

Vasanthanarasapura industrial area and Chennai-

Bengaluru Industrial Corridor; Mumbai-Bengaluru

Economic Corridor still in planning stage

BengaluruMangalore

Hukeri

Narsapur, Vemagal

Dodaballapura

Auto & ancillary ElectronicsChemical Hubs

Districts with single industry focus Districts with multi-industry focus

TextileAerospace and

Industry

Machine Tools

Mfg. hub for automotive major companies.

Honda’s largest two wheeler manufacturing plant

globally is coming up in Narsapur, Kolar district

Preferred choice for global players in aerospace

R&D, producing >25% of India’s aircrafts and space

crafts; India’s first aerospace SEZ in Belgaum

Estimated Machine tools manufacturing potential of

480 mio EUR

Estimated production of electronic hardware of 38

bln EUR with 29 bln EUR exports in 2014-15; 120

companies engaged in chip design; Bengaluru is a

hub for R&D in the software industry


TOP INDUSTRIAL STATES – TAMIL NADU


Tamil Nadu is the 2nd largest producer of cement; contributes ~20% and ~60% share in India’s automobile

and leather production, respectively; textile, electronics are amongst the major industries in the state

Step 1

Developing a 4th major port in the state with an

investment of ~3.6 bln EUR and an Integrated

Aerospace and Logistics park by TIDCO with an

investment of ~700 mio EURDistricts with single industry focus Districts with multi-industry focus

Chennai

Coimbatore

Dindigul

Erode

Kancheepuram

KarurMadurai

Kanniyakumari

Salem

Vellore

TiruchirappalliTiruppur

Thoothukudi

Mining

Auto & ancillary Petrochemical Textiles Electronics & hardware

Agro based Leather Chemical Metal

Chennai has an installed capacity to produce

~380 thsd cars and ~350 CVs each year; ~20% of

India’s total installed capacity of vehicle prodn.

The knitwear industry of Tirupur contributes

to ~80% of the exports in the textile sector

Vellore accounts for ~37 % of leather exports;

the state has ~60% of leather production in the

country

Chennai has emerged as the largest electronic

hardware manufacturing and exporting hub in India


TOP INDUSTRIAL STATES – HARYANA


Haryana has the largest automobile and electronics manufacturing cluster in India, followed by textile and

footwear & accessories manufacturing hub having presence of large scale companies

Step 1

Near 2/3rd of the state falls within the DMIC sub-

region resulting in 4 proposed indl. nodes; ultra-

modern aviation hub and integrated logistics hub

to be developed Districts with single industry focus Districts with multi-industry focus

Auto & ancillary Chemical Hubs Food Processing Hubs Textiles

Electronics Mfg. Cluster

Ambala

Hisar

Rohtak

Gurgaon Faridabad

Sonipat

Panipat

Panchkula

Rewari

Jhajjar

Produces 50% of the passenger vehicles;

39% of India’s 2-wheelers

With more than 450 chemical factories,

the sector registered a growth of ~5% pa

Second largest contributor of food-grains to

the national pool

Exports readymade garments of around

1.2 bln EUR annually

10 notified brownfield EMC, with presence of

leading industry players


Mah

aras

htr

aTa

mil

Nad

u

Har

yan

a

Kar

nat

aka

Gu

jara

t

20

TOP INDUSTRIAL STATES – KEY INFRASTRUCTURE PROJECTS


Significant infrastructure development expected in the major industrial states; additionally new industrial

areas are planned to be developed as part of various proposed industrial corridors

UPCOMING INFRA. LOCATIONS

Step 1

Mah

aras

htr

aTa

mil

Nad

u

Har

yan

a

Kar

nat

aka

Gu

jara

t


TOP INDUSTRIAL STATES – LAND COSTS

Source: State IDCs, EAC Research

There is a considerable variance in land costs across top industrial states; the focus is on promoting

development in the lesser developed regions by offering land at lower prices and higher incentives

INDUSTRIAL ZONE

CLASSIFICATION

Fully developed

Highly developed

Medium developed

Low development

Under-developed

No developmentH

igh

Low

Ince

nti

ves

for

inve

stm

ent

Step 1

Note: All values in EUR/ Sq. m.

0.1 - 11.1 - 6 1 - 9

2 - 50.3 - 13 0.4 - 2.61 - 27

59-117

3 - 451.3 - 33

0.7 - 3.34 - 41

64-197

5 - 471 - 9

11 - 277

5 - 115

4 - 29

18 - 148

95 - 641

MAHARASTRA GUJARAT KARNATAKA TAMILNADU HARYANA



STEP 2 – INCENTIVE BASED MANUFACTURING STATES

Step 2 identified states that have developed manufacturing due to central tax incentive schemes

Himachal

Pradesh

Uttarakhand

States that have developed

industrial base on account of

special incentives from central

government

Step 2

EAC has studied these states to gain perspective on sustainability of incentive based model in

future

Step 2

Himachal Pradesh

Uttarakhand


SPECIAL INCENTIVE RECIPIENT STATES – COMPARATIVE ASSESSMENT


Logistically challenged Himachal Pradesh and Uttarakhand have special incentive schemes from central

and state governments to promote industrialization; schemes to expire by 2017/ 20

1) Industrial Entrepreneur Memorandum

Note: GSDP values at 2004-05 constant prices

Step 2

Rationale Industrialization of backward, hilly terrain states utilizing local resources

Local employment generation

Incentive Scheme

Capital subsidy

Interest subsidy

Power subsidy

VAT reimbursement

State transport subsidy

Central and state governments have periodically revised industrial policies to promote development

STATE PROFILE: UTTARAKHAND STATE PROFILE: HIMACHAL PRADESH

IEMs1) implemented (nos) Investment (bln EUR)

Contribution to Indian

Mfg. GDP

GSDP (bln EUR)

5.5% 8% 0.6% 0.9%

Share of Mfg. GVA 13% 29% 12% 17%

3.3

10.3

2004-05 2014-15

3.26.3

2004-05 2014-15

Cumulative

Investment

Implementation

292.0156.0

0.6

1.2

2007-10 2011-15

32.0 22.0

0.1 0.1

2007-10 2011-15


SPECIAL INCENTIVE RECIPIENT STATES – FUTURE ATTRACTIVENESS


Possible phase out of tax incentives by 2020, long term labor availability issues and logistic constraints

impacts attractiveness of Himachal Pradesh and Uttarakhand as sustainable manufacturing destinations

Major shortage of semi-skilled and skilled labor, high attrition in both states are key concerns for

industries

National Skills Development Cell estimates double digit shortage in long term availability of labor

Dependence on single national highway for all logistical needs increased cost of transportation

Central Transport Subsidy to get over by 2017 increased cost for FMCG, pharma, auto industry

Unclear on extension of Central Industrial Policy 2003 and state incentives beyond 2020

Likely implementation of GST might phase out of area based tax incentives

FMCG, pharma industry currently expanding into states like Andhra Pradesh, Gujarat which offer better

infrastructure, labor availability

Hilly state doesn’t have a good network

of roads, the company has been facing a

2% logistical disadvantage

– Leading Equipment Manufacturer

LABOR

AVAILABILITY

LOGISTIC

CONSTRAINTS

TAX SOPS

WITHDRAWAL

Step 2

Company will shift its manufacturing location to

other states after withdrawal of tax sops; logistic

constraints and costs make operations unviable

– Leading Automotive Co.

Phase out of tax sops to result in

1% impact on margins

– Leading Eqpt. Mfr.

1) Goods and Service Tax



STEP 3 – SECTOR SPECIFIC MANUFACTURING STATES

Step 3 identified states with high contribution of manufacturing in national GDP and sector specific

specializations

States with significant

share in Indian

manufacturing GVA and

specialize in specific

sectors

RajasthanMadhya

Pradesh

OrissaAndhra

Pradesh

Uttar

Pradesh Punjab Bengal

Step 3

EAC has studied these states to understand strengths of states specializing in specific sectors

Step 3

Rajasthan

Madhya Pradesh

Odisha

Andhra Pradesh

Uttar Pradesh

Punjab

Bengal


STATES FOCUSED ON SPECIFIC SECTORS – COMPARATIVE ASSESSMENT


Sector focus states such as Punjab and Odisha have manufacturing share to GSDP of >13% and

Rajasthan, MP and UP of ~12% while Bengal and AP has share of ~10%

Step 3

1) Gross State Domestic Product

Rajasthan Madhya Pradesh Odisha Andhra Pradesh

Key Sectors

Mining Cement Food processing Renewable energy

Cement Food processing Auto (tyres)

Mining Food processing Auto

Fisheries Mining Textile Leather Gas production

Mfg. GVA CAGR

(%) – FY12-FY15

Contribution of

GSDP to GDP (%)

Key Supporting

Bodies

-4

89

6858

2014-152011-12

4.9

6

65

4940

2011-12 2014-15

3.8

0

66

3530

2011-12 2014-15

2.7

-5

67

5951

2011-12 2014-15

4.2

Mfg. GVA

(bln EUR)

GSDP1)

(bln EUR)

Comparison of GSDP Vs. Mfg. GVAHigh Similar Low


STATES FOCUSED ON SPECIFIC SECTORS – COMPARATIVE ASSESSMENT


Sector focus states such as Punjab and Odisha have manufacturing share to GSDP of >13% and

Rajasthan, MP and UP of ~12% while Bengal and AP has share of ~10%

Step 3

Punjab Uttar Pradesh Bengal

Key Sectors

Auto ancillary Bicycle Food processing Textile and machinery

Fertilizers Engineering Food processing Footwear Electronics

Leather Food processing Petrochemical Mining Steel/Engineering

Mfg. GVA CAGR

(%) – FY12-FY15

Contribution of

GSDP to GDP (%)

Key Supporting

Bodies

6

65

4236

2014-152011-12

3.0

3

1312

96

2014-15

111

2011-12

7.9

5

54

4353

2011-12 2014-15

6.5

GSDP1)

(bln EUR)

Mfg. GVA

(bln EUR)


THE LOCAL EXPERTS

RUSSIA

INDIA

CHINA

SOUTH EAST ASIA

MIDDLE EAST

CEE

KOREA

JAPANWESTERN EUROPE

28

A. BACKGROUND OF THE PAPER

B. OVERVIEW OF THE TOP INDUSTRIAL STATES IN INDIA

C. CONCLUSION

CONTENTS


LOCATION ASSESSMENT – THE METHODOLOGY


Location assessment is a methodical process involving a bottom-up approach for arriving at suitable

criteria for assessment followed by a step-wise filtration process to finally arrive at the ‘best-fit’ location

NCR Region

Ahmedabad Pithampur-

Dhar region

Pune

Hosur

Chennai

Hyderabad

Bangalore

Nashik

Vadodara

Jaipur

Nagpur

Mumbai

Qu

antitative p

aramteresQ

ual

itat

ive

par

amte

res

Location assessment in India requires two folded approach of “qualitative and quantitative parameters”

at each step from filtering state, industrial centre to plot

Methodology to choose most suitable plant location from -”29 states- >650 districts- multiple industrial centres”

To select “Right State“

Presence of relevant infrastructure,

talent pool, pro investment policies,

demand/supply centres

To select “Right Industrial Center“

Plot availability, development

status ease of compliance,

relevant industry base, local issues

To select “Right State“

State GDP, FDI inflows,

infrastructure cost, labour cost,

connectivity, tax incentives etc.

To select “Right Industrial Center“

Cost of plots, zonal incentives,

cost of utilities, distance from

customers- ports- suppliers,

logistics cost, labour cost

Conventional industrial centers Emerging industrial centers


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WHERE YOU CAN FIND US – EAC AROUND THE GLOBE

EAC HEADQUARTERS MUNICH

30

Documents

M I MITTELSTAND (MIIM) · 2019-08-16 · EAC - MIIM I Overview on Top Industrial States in India I September 27th 2016 | 3 US 14,624 1.9 –2.4% 13% Japan 3,937 0.0 –0.7% 19% Russia