News9 Global Summit Day 2: From supply chains to domestic demand, logistics costs to ease of business, panelists weighed in on how India can become the ‘Next Factory of the World’ during TV9 group’s mega thought event in Stuttgart Germany.
How India can be next factory of the world. (Photo credit: News9)
Stuttgart: The News9 Global Summit, the flagship mega thought event of the TV9 Group witnessed the exchange of some powerful ideas on how to capitalise on the Modi government’s push for Make in India as part of the China+1 strategy as the world diversifies its supply chain. Prime Minister Narendra Modi is set to deliver the keynote address at the event, sharing his views on Viksit Bharat. TV9 Network MD and CEO Barun Das said the summit is a platform for India and Germany to strengthen their historical ties and forge a path of prosperity into the future.
Bharat Forgings chairperson Baba Kalyani, during the session on India: The Next Factory of the World, cited the example of Germany as the epitome of manufacturing, forging and engineering. From cars to machine tools and other equipment, Germany is considered the last word in India. He said India can learn from Germany in how to become a product nation. While India has the key ingredients to become a product nation, namely, ambition, availability of material resources and a growing market, the mojo was lacking. Prime Minister Narendra Modi has been able to correct the deficiencies and bring the mojo back to Indian manufacturing, said forging industry veteran Kalyani.
Watch the session here:
Exports are an opportunity for Make in India
Maruti Suzuki, executive director Rahul Bharti chimed in to add that the company is eyeing 9X growth in 10 years. Companies can aim for a greater share of the export market since there is always an opportunity to expand offerings. He said manufacturing has been rightly identified to transform India from a developing country into a developed country.
India’s focus on ease of business, cost efficiency
Assocham President Sanjay Nayar cautioned that while the mojo was back costs of logistics, connectivity and power posed hurdles in the path of Make in India. he praised the government for focusing on this aspect as well with PM Gati Shakti and remained optimistic about India’s transformation into a manufacturing hub. Mercedes Benz Group board member Jorg Burer said the luxury carmaker aimed to produce for the domestic market in India and gradually scale production for exports — model it had employed earlier in the US, China and South Africa.
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