ACCORDING to the 2013 Global Manufacturing Competitiveness Index report compiled by Deloitte, India is expected to be the second largest economy in manufacturing in next five years, followed by Brazil as the third ranked country.

China will retain the numero uno position. “The competitiveness of each nation's manufacturing innovation ecosystem will continue to be a focus area for policymakers, business leaders and much of society. The main reason are the recent restrained growth in China, changes in the US, a dark cloud over much of the Euro Zone, trade wars in South America, an ongoing malaise in Japan and the percolating but elusive rise of India.

Brazil's jump from eighth to third is the largest jump expected over the next five years. And, Vietnam moves into the top 10 as the tenth most competitive nation.

According to the Deloitte's report, five developed nations that were ranked in the top 10 as of this year were Germany (second), the US (third), South Korea (fifth), Canada (seventh) and Japan (tenth). Five emerging economy nations were also ranked in the top 10 including China (first), India (fourth), Taiwan (sixth), Brazil (eighth) and Singapore (ninth).

The report included over 550 survey responses from Chief Executive Officers around the world collected throughout 2012.