The Make in India initiative launched in 2014 has set the stage for India to become a manufacturing hub. With the largest population in the world, the availability of all skilled, semi-skilled, and unskilled labour along with the availability of raw materials can be pivotal to support competitive costs and rapidly grow the economy.  India truly stands at the crossroads of transformation! 

Since its inception and over the decade the vision for India is clear – to increase the manufacturing sector's overall contribution to the national GDP from 17 per cent to 25 per cent this fiscal and create almost a million more jobs for its people. If this ambition is met it would lead India to be a major player in the global supply chain. 

India’s immense manufacturing potential relies on integrating business strategies aligned with governmental support. The Make in India initiative has already created a positive sentiment, it reflects in the improvement in ranking of ease of doing business from 142 in 2014 to 63 in 2020. The progress will further be supported by the National Manufacturing Policy; aiming to increase sector contribution to 25 per cent of GDP by this year. Additionally, programs such as the Production Linked Incentive (PLI) Scheme, which offers varied incentives for increasing sales, are motivating all businesses to scale their operations, innovate, and focus on quality output.

With improved industrial corridors, logistics, and growing SEZs, this sector is poised to reach newer heights with FDI inflows growing steadily. According to the Department for Promotion of Industry and Internal Trade (DPIIT), in FY 2021-2022 alone, India saw substantial FDI inflows of around $50+ billion, with important sectors like automobiles, chemicals, and pharmaceuticals attracting significant foreign capital. As we move ahead, aligning with government policies will be important in building a successful future for Indian manufacturing.

Sustainability is a significant requirement for any manufacturing setup aiming to compete on a global level. Globally India is expected to adopt stringent environmental standards. This should involve reducing carbon footprint, investing in energy-efficient technology, and moving towards a circular economy - which reduces waste and promotes recycling and reusing.

Like in the filtration industry, focus on designing energy-efficient filtration systems, reducing wastage during production cycles, and recycling materials not only supports sustainability but also aligns with global environmental norms. Government initiatives, such as the National Action Plan on Climate Change (NAPCC), and various other green-focused initiatives are also laying down the foundation for greener manufacturing practices. However, much more can be done in collaboration with all industry stakeholders. India’s current manufacturing growth story can be transformed with sustainable practices, which can catapult the economy, and at the same time protect our environment.

The adoption of advanced technologies in manufacturing such as IoT, automation, robotics, AI, & 3D printing - smart manufacturing is essential to improve overall efficiency, increase productivity, and reduce operational costs. These technologies will enable Indian manufacturers to produce high-quality products at scale, ensuring they can compete with established global giants.

Our industry is benefiting from advanced automation to enhance precision, minimise human error, and increase overall production efficiency. Thus, further reducing lead times, improving product quality, and offering more customised solutions to meet the various needs of customers, and stay agile.  We need to build a system where man and machine together create marvels. 

In any business ecosystem, people are the most valuable asset; the same is the case in manufacturing as well. India, with its young and educated workforce, has a visible demographic advantage and offers immense potential for the growth of the manufacturing sector, or any sector for that matter. With that said, for us to truly become a 'global' manufacturing leader, we must address the gap in skill development.

The government’s focus on skill development through programs like Skill India Mission will certainly help bridge this gap, but industry collaboration with educational institutions (Industry-Academia Collaboration) is a need of the hour - to guide the youth and help create educational institutions create curriculums that meet the demands of modern manufacturing, or the modern work-place in a broader sense. 

With all that we see going around us, India's manufacturing sector is certainly poised for exponential growth, so much so that by 2030, the sector is expected to boost the global economy by $500 billion+ annually and has the potential to export goods worth $1 trillion. 

The rising purchasing power of the Indian people, domestic companies/startups will become attractive to global investors. India’s export potential is also impressive. Between Jan-Jun 2022, India’s exports of commodities like engineering goods, petroleum products, gems & jewellery, and pharmaceuticals stood at $190.4 billion. 

In conclusion, I would say India is at the cusp of a manufacturing and even an overall industrial revolution. Considering all our strengths, the global shift away from China and our government’s international relations the world over. It is time India makes good on more and more global trade agreements, and heavily promotes 'Brand India' for us to truly make its mark on the world stage that it has indeed arrived and is here to stay. It is up to us, as manufacturers, policymakers, industry leaders, and citizens at large, to capitalise on the Make in India initiative, by focusing on the key pillars mentioned above, or more, to lead the charge and become a major manufacturing hub for the world! 

Sanjay Kulkarni, is the President of Fleetguard Filters Ltd, a distinguished and accomplished leader with a career spanning over 25 years in the filtration industry. He brings a thorough understanding of legal and corporate matters to his role as a Law Graduate and member of the Institute of Company Secretaries of India. Further, he has a Master's Degree in Human Resource Management from XLRI, Jamshedpur.