Kaustubh Shukla, the chief operating officer of the industrial products group at Godrej & Boyce, expands on India’s manufacturing ambitions.
How successful do you think the government’s Make in India campaign has been so far?
Make in India has moved the country in the direction of becoming a global manufacturing hub. The campaign has a renewed focus on resolving on-the-ground issues that are holding up investments in the manufacturing sector in India.
<CHARENTITY>7</CHARENTITY>What impact has the campaign already had?
The data published by the government shows a sharp rise in the rate of FDI coming in the country and plans by global majors to invest in India and set up manufacturing plants. And these are only early days. Decisions to invest in manufacturing in new countries and markets are big-ticket decisions that are strategic in nature and normally would take time. So it is reassuring to know that within the short span of time so much enthusiasm has been generated, and commitments and investments have been made. All of these point to India emerging as a major manufacturing destination. India is the fourth-most competitive manufacturing destination worldwide and is expected to become second only to China by 2018.
How can India best overcome some of the hurdles when it comes to manufacturing?
India can improve the infrastructure challenges faced by the sector by addressing the infrastructural needs. The position of India in the global economy has improved, but still there is a need to adopt international best practices in some of the goods and services sectors. To be globally competitive, Indian manufacturers realise that we must pursue excellence in everything we do. This can be experienced by a huge surge of initiatives being pursued by manufacturers such as sustainability, business excellence and emphasis on development of skilling the youth of India for supporting the demand by growing manufacturing activities.
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