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SME to host webinar on how to make India a global manufacturing powerhouse
Industry News- Jun 20,24
The virtual panel discussion, "Can India Build Global Manufacturing Capabilities?", will be held on June 21, 2024 from 3.30 to 5.00 pm and will present ways to enhance Indian manufacturers competitiveness for increasing the country's share in the global trade.
Mumbai
With PM Narendra Modi-led government coming back to power for the third consecutive time, the industry experts expect the continuity in policymaking to have a positive impact on the manufacturing sector as well. Against this background, Smart Manufacturing & Enterprises (SME) magazine, formerly known as Industrial Products Finder (IPF), will be hosting a webinar on “Can India Build Global Manufacturing Capabilities” on June 21, 2024 at 3.30 PM to 5 PM.
The speakers for the virtual panel discussion are: Dr Jairam Varadaraj, Managing Director, Elgi Equipments Ltd; R Jayaraman, Head, Capstone Projects, Bhavan's S P Jain Institute of Management & Research; Sandeep Khullar, Director, India – Off-Highway and Commercial Vehicle, Dana India; and T K Ramesh, Managing Director, Ace Designers Ltd. The session will be moderated by Manish Jhunjhunwala, Executive Director, PwC India.
The Government of India (GoI) has been aiming to increase the contribution of manufacturing to total GDP from around 17% to 25% for the last many years. To achieve it, GoI has rolled out various initiatives like Aatmanirbhar Bharat/Make in India, Production-linked Incentives (PLI) scheme, low corporate tax rates for new manufacturing units, etc along with improving the logistics network via Gati Shakti mission, multi-modal connectivity, etc. Despite efforts, manufacturing’s share of the economy has not significantly increased, remaining at around 17%.
The on-going US-China trade conflict and China-Plus-One policy present a big opportunity for India to present itself as a manufacturing hub for the world. But, it has to compete with other emerging countries like Vietnam, Thailand, Bangladesh, etc to increase its manufacturing pie in the global market.
The Asian Development Bank (ADB), which has raised India's GDP growth forecast for the current fiscal to 7% from 6.7% earlier, expects the growth momentum to pick up in FY2025, backed by improved goods exports and an increase in manufacturing productivity and agricultural output. At the same time, the volume of world merchandise trade is expected to increase by 2.6% in 2024 and 3.3% in 2025 after witnessing a contraction of 1.2% in 2023, according to a World Trade Organization (WTO) report. However, regional conflicts, geopolitical tensions and economic policy uncertainty pose substantial downside risks to the forecast.
The webinar - “Can India Build Global Manufacturing Capabilities” - will discuss:
- Present status of the manufacturing amid VUCA climate
- How to capitalize on China Plus One opportunity
- Policy initiatives needed to push India’s exports
- Technology as prime movers to improve competitiveness
- What more needs to be done to make India a truly global manufacturing powerhouse
Click HERE to register for the virtual panel discussion.
Smart Manufacturing & Enterprises
SME magazine
Make in India
Dr Jairam Varadaraj
Elgi Equipments
R Jayaraman
S P Jain Institute of Management & Research
Sandeep Khullar
Dana India
T K Ramesh
Ace Designers
Manish Jhunjhunwala
PwC India
smart manufacturing
exports
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