Manufacturing industry usually deals with the manufacturing and production of industrial goods and equipment. The industrial manufacturing sector is an essential source of growth for the Indian economy with its varied field of production with various companies indulging in manufacturing of equipment, machinery, metal & plastic products, electrical units, construction materials, to even chemical products, cosmetics, automation technology products etc.
Over time manufacturing has come out to be one of the most aggressively expanding growth sectors of India. This industry was given an added push by the ‘Make in India’ initiative, that aims to place India on the global map as a manufacturing giant and get worldwide recognition to the economic growth in India. According to the Global Manufacturing Competitiveness Index published by Deloitte, by the year 2020, India is expected to become the 5th largest manufacturer of the world.
As the manufacturing field has such a major impact on the economy, it can only be assumed that the sector would have a dedicated share of laws that regulates and governs its legality and functioning. A few of these laws and regulatory bodies that protect and regulate the manufacturing industry are:
- Labour and Employment Laws
- Pollution and Environment Laws
- Compliance under all regulatory authorities
- Intellectual Property Laws
- Company Laws
- Merger and Acquisition Laws
- Taxation Laws
- Industrial Compliance Laws.