India has been ranked as the nation with the cheapest manufacturing cost ahead of China and Vietnam, according to a report.
According to the US News and World Report, out of 85 nations, India has bagged the 31st position in the overall Best Countries ranking.
India featured at the 37th spot in the 'Open for Business' category.
The report evaluates 85 countries across 73 attributes. Attributes are grouped into 10 sub-categories, including adventure, agility, entrepreneurship, open for business, social purpose and quality of life.
Under the open for business sub-category, India has scored 100 per cent when it comes to cheap manufacturing costs. But in 'favourable tax environment', it has scored 16.2 out of 100; 18.1 in the 'not corrupt' category and 3.5 in 'transparent government policies'.
Similarly, under the 'quality of life' segment, India has scored 1.9 in 'income equality'; 4.3 in 'safe'; 2.3 in 'well-developed public health system'; and 9.9 in 'economically stable' sub-parameter.
The government has taken steps such as rolling out production linked incentive schemes and reducing compliance burden with a view to make India a global manufacturing hub.
In the overall Best Countries ranking, Switzerland has topped the chart, followed by Germany, Canada, US and Sweden.