In its second year, IPF Industrial Excellence Awards 2017 recognised people, processes and products that drive the industry forward to achieve success in a competitive market.

 

With the Government of India explicitly stating its goals for making India a global manufacturing hub, the country is now, more than ever, readying itself to make significant strides on the world stage. Against this background, Industrial Products Finder (IPF), India’s largest circulated industrial magazine in its 45th year, hosted its 2nd IPF Industrial Excellence Awards on December 20, 2017 at BSE, Mumbai. The awards were presented to the fastest growing manufacturing companies along with the firms that meet the standards of ‘Product Excellence’.

 

Highlighting the significance of the awards, Pratap Padode, Founder & President, Foundation of Infrastructure Research Studies Training (FIRST), informed, “There are 51 million SMEs in India contributing 50% of industrial output and constituting 42% of India's export earnings. They generate employment for about 117 million people and account 5.5% of the country's GDP. Thus, SMEs play a very important role in the country’s growth story. There are two areas were SMEs need support. First is technology (to maintain quality and be competitive globally) and second is finance. Industrial Products Finder aims to encourage product innovation and better business practices through the IPF Industrial Excellence Awards.”

 

The chief guest of the function was Sanjay Sethi, CEO, Maharashtra Industrial Development Corporation (MIDC), who explained in detail the new initiatives taken by the state government in last 2 years for manufacturing. According to him, awards like IPF Industrial Excellence Award encourages industrial activities, thus contributing to the economic growth.

 

He further added, “Maharashtra attracted 50% of FDI that comes to the country. GST will lead to further growth as Maharashtra is one of the biggest consumption centers in the country due to its urbanised landscape. About 90% of global production happens in 19 countries, which include India. The contribution of manufacturing to GDP is growing due to the steps taken by governments (both by the Centre as well as the State). Manufacturing sector offers a more sustainable economic growth as it provides employment to large number of people.”

 

According to Sethi, cluster approach to manufacturing for SMEs can be a good model for success. He disclosed that state government is encouraging investment in emerging sectors such as food, defence and electronics. In fact, MIDC has contributed Rs 300 crore in venture capital fund for MSMEs focusing on defence & aerospace sectors. While Bombay Stock Exchange (BSE) was the Exchange Partner for this year’s IPF Industrial Excellence Awards, Federation of Indian Micro and Small & Medium Enterprises (FISME) and Indian Textile Accessories & Machinery Manufacturers Association (ITAMMA) were the supporting partners. 

 

Speaking on the occasion, Ajay Thakur, Head SME, BSE, said, “In last 5 years, BSE has listed 214 companies on SME trading platform. These companies have given 19 times returns and are fast growing firms. It is important for magazines like IPF to come together with BSE and motivate fast growing companies by felicitating them.”

During the event, IPF SHOWTIME was unveiled which profiled all the winners of the 2nd IPF Industrial Excellence Awards 2017 and their achievements showcasing their contribution to India’s industrial growth story.

 

The IPF Personality of the Year

In addition to products & companies, ASAPP also presents the IPF Personality of the Year award to an individual, who has made inspiring contribution to the industry to which he/she belongs to. This year, Dr Babu Padmanabhan, Managing Director and Chief Knowledge Officer, STEER Engineering, was selected for this award.

 

While accepting the award, Dr Babu Padmanabhan said, “It has been 25 years since I returned to India after my studies in the US. Manufacturing is important for our future and India cannot become strong without manufacturing. I am so glad to be here to hear words of encouragement and opportunities in making manufacturing stronger. This award means a lot for STEER and for me personally. It encourages us to continue our growth journey with zeal and renewed enthusiasm.”

 

Discussion forum The Government of India launched ‘Make in India’ initiative in 2014 to increase Indian manufacturing sector’s contribution to GDP from 16% to 25%. Roundtable, titled 'Manufacturing 2020', took stock of the progress made so far and discussed challenges & opportunities before the country and strategies needed to give a boost to manufacturing in India.

 

Airing his view, Niteen Inamdar, Chief Operating Officer (Global Operations), Sigma Electric Manufacturing Corporation, said, “Technology is a key enabler. Due to globalisation many MNCs have entered Indian market and this has made a big change in the industrial culture of the country. People are open to transformation and adoption of new technology. With the current government's focus on promoting manufacturing, this has further got a boost. We are at the cusp of Industry 4.0 and people are investing in smart technologies and products. By 2020, we should be ready to embrace the culture of Industry 4.0.”

 

If India has to emerge as manufacturing hub of the world, it will have increase productivity sustainably. Throwing light on sustainable business practices, Prof Shirish Sangle, Dean (SRIC), NITIE, said, “Best practices essentially revolve around money, man, machine and materials. In the last 25 years, India's per capita income has almost tripled, meaning purchasing power of individuals has increase manifold which is a good news for the industry. At the same time, water availability has reduced by 70%. We are already water stressed country and soon we are going to be water starved nation. Availability of water is one the key deterrents in the growth of Indian economy. Therefore, in addition to productivity, companies (especially SMEs) will have to look at adopting sustainable processes to produce quality products.” 

 

In his keynote address, Bhavesh Thakkar, Associate Partner - Tax & Regulatory, Ernst & Young India, enlightened the audience about incentives available in India for SMEs and how to avail those incentives. The government launched GST in 2017 which is a welcome move as everybody wanted various taxes to be subsumed in one. The year 2018 will be all about execution and performance. And IPF promises to make this event much bigger with increased participation from the industry next year.