opinion on improvement need in manufacturing firm in india
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Since the launch of “Make in India” in 2014, much progress has been achieved in pursuing the country’s manufacturing agenda and global competitiveness. Globally, India is the sixth-largest manufacturing nation and the biggest recipient of foreign direct investments (FDIs), with inflows touching $60 billion in 2016-17, the highest-ever annual inflow into the country. India has also improved its rank on the Global Competitiveness Index and Global Innovation Index.
India’s manufacturing sector, accounting for just 16-17% of gross domestic product (GDP), holds enough untapped potential. At the recent India-Germany Summit in Berlin, Prime Minister Narendra Modi committed to transforming India into a major player in global value chains. Make in India version two is on the anvil to consolidate the ground for further growth in selected manufacturing sectors. Besides, adoption of local content policy in public procurement and implementation of goods and services tax (GST) will provide further impetus to Make in India.
The global manufacturing landscape is being transformed by digital technologies such as the “internet of things” and robotics collectively called “Fourth Industrial Revolution” or “Industry 4.0”. Huge efficiency and productivity gains are being realized through cost reductions, quality improvements, customization and a quantum leap in performance. Increasing investment in these technologies is propelling traditional manufacturing powerhouses of the 20th century back to the top of competition.
Adoption of digital technologies in India is still in its infancy. So the question arises, can India afford to be left out of the ongoing digital revolution? The answer is an emphatic “no”. In today’s world, digital technologies are key to unlocking competitiveness. As highlighted by industry surveys, India should embrace them proactively to achieve the target of becoming a global manufacturing hub.
India has a number of factors in its favour, including a huge and growing market, a large workforce with diverse skills, demographic dividend, English-speaking scientists and engineers, research and development centres of over 1,000 top global multinationals, the world’s third-largest technology start-up base and a government focus on making the nation an easy place to do business.
India’s manufacturing sector, accounting for just 16-17% of gross domestic product (GDP), holds enough untapped potential. At the recent India-Germany Summit in Berlin, Prime Minister Narendra Modi committed to transforming India into a major player in global value chains. Make in India version two is on the anvil to consolidate the ground for further growth in selected manufacturing sectors. Besides, adoption of local content policy in public procurement and implementation of goods and services tax (GST) will provide further impetus to Make in India.
The global manufacturing landscape is being transformed by digital technologies such as the “internet of things” and robotics collectively called “Fourth Industrial Revolution” or “Industry 4.0”. Huge efficiency and productivity gains are being realized through cost reductions, quality improvements, customization and a quantum leap in performance. Increasing investment in these technologies is propelling traditional manufacturing powerhouses of the 20th century back to the top of competition.
Adoption of digital technologies in India is still in its infancy. So the question arises, can India afford to be left out of the ongoing digital revolution? The answer is an emphatic “no”. In today’s world, digital technologies are key to unlocking competitiveness. As highlighted by industry surveys, India should embrace them proactively to achieve the target of becoming a global manufacturing hub.
India has a number of factors in its favour, including a huge and growing market, a large workforce with diverse skills, demographic dividend, English-speaking scientists and engineers, research and development centres of over 1,000 top global multinationals, the world’s third-largest technology start-up base and a government focus on making the nation an easy place to do business.
doremoon:
thank you so much
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