The Next Wave’, Make in India provided the right platform for SMEs in the country to foster indigenous manufacturing in a bid to boost economic growth, Lord Kumar Bhattacharya, Chairman, Warwick Manufacturing Group, said at a CII conclave.
India’s future should be to lead global innovation and it should invest in global partnership of innovation for creation of outstanding products, Bhattacharya, who is also a professor, said in an obvious reference to the enormous potential for this in SME sector, which accounted for 40 per cent of the manufacturing in the country.
He said that the Make in India initiative has a huge momentum not only in India but abroad as well.
Reflecting on his journey as a part of the Warwick Manufacturing Group, Lord Bhattacharya stressed that technology, training, skills and infrastructure had helped renew and restore Britain’s manufacturing industry and Indian should learn from Britain’s experience. SMEs dominate manufacturing in Britan, France, Germany and Japan particularly in auto components.
Power-train of an automobile contain over 10,000 small parts, which are mostly manufactured in the SME sector. In India as states like Maharashtra and Tamil Nadu, which have dominant presence in the automobile sector have large SME sector in their respective states.
He compared the current positive developments in manufacturing sector in India with that in China in 1980’s and felt that India’s growth was looking self-sustaining at this stage. He, however, cautioned that India should not become complacent and underestimate China. Over the recent years China has adopted the culture of innovation and has moved away from the culture on imitation and India should learn from China too, he added.
Praising India’s manufacturing prowess, Mr. Sudarshan Venu, Joint Managing Director- TVS Motor Company, commented that passenger vehicle manufacturers across the globe are now leveraging the Indian advantage provided by India’s manufacturing hubs. He stated that India’s manufacturing sector has a potential to contribute 25 per cent to GDP and generate 80 million jobs in the next decade. TVS units are originally successful SMES, which have now become large units.
Image Courtesy : Indian Express
