For a self-reliant India, a robust local manufacturing sector can act as a strong lever for economic growth. This will need greater localisation of supply chains and building industrial clusters within the country. A strong push to MSME growth and recovery in the Finance Minister’s economic stimulus package, will give a huge impetus to creation of an ecosystem that aids survival and creation of local manufacturing.
With the new definition of MSME’s as announced by the government, they can now look forward to sustained growth. Larger MSME’s can play a very strong role in the creation of the ecosystem for manufacturing provided they can maintain a long-term vision. India has the potential, ingenuity, and ecosystem to enable its vision of one of the most attractive investment destinations efficiently and equitably.
As the government sets into motion the Prime Minister’s vision of a self-reliant India or Atmanirbhar Bharat, embracing ‘technology’ at an increasing pace across all spheres of industry, society, and nation building is a must. Technology and manufacturing go hand in hand with one creating an uplift for the other, and in effect creating a positive spiral. Technology has changed our world; it has changed the way that businesses behave today. A thriving local industry powered by India’s own technology will also provide an apt platform for its skilled and ambitious workforce in manufacturing.
Despite these turbulent times, the recovery and potential rise of India as a major power would require development of all elements of national power, to secure the country’s interests and enable us to play a more effective role in the regional and global arena. By creating large infrastructural programmes, appropriate reforms aimed at improving ease of doing business, building more partnerships for co-creation opportunities, creating a highly skilled talent pool, adopting technology intelligently and moving up the manufacturing value chain, India will be closer to realising its true growth potential successfully. It has to be a value arbitrage that India has to create going forward and not just a cost arbitrage. We envision a new India with greater strategic autonomy and technological far-sightedness to anticipate and respond to the challenges of the future.