How Can India Become The Next Manufacturing Powerhouse
For a couple decades, India was the ultimate destination for outsourcing software services as well as knowledge processes, but it is now all geared up to grab the center position as the global manufacturing hub. Mr. Pradhyumna Ingle, Regional Business Head, Asia Pacific, General Manufacturing, Maintenance and Consumer; Construction adhesives businesses, Henkel KgaA shares with Pro MFG Media on how India can position itself as a global manufacturing hub. Currently based in Shanghai, China, he has over 23 years of experience in building and growing successful businesses and teams in India, Middle East, Africa and Asia. Pradhyumna joined Henkel in India in 2001 and has led the Asia Pacific Marketing and Business Development Organization for Henkel’s Adhesive Technologies business in addition to assuming various other strategic roles in India and China.
Q: How can India leverage the opportunity to play a significant part in the global manufacturing supply chain?
Mr. Ingle: India is poised at an interesting juncture that will change the role and position of the Indian economy on the global platform. The Indian manufacturing industry can contribute to the aspiration of India becoming a 5 trillion economy and play a vital role in India’s growth journey. Currently, the manufacturing sector contributes to well under 20% of the country’s total GDP, and we must aspire it to contribute 25% - 30% of the total GDP in coming years. The country has all the right conditions for this growth supported by a combination of young demographics, with more than 65% of India's population under the age of 35, and increasing urbanization and middle class driving massive domestic demand. The growth in manufacturing will not only generate an enormous amount of employment allowing us to leverage our young manpower but also offer great captive local demand to the manufacturers. The changing dynamics of the global economy and the benefits India offers combine as an immense headroom for the manufacturing sector to grow in India.
To harness the opportunity, the required efforts can be encapsulated in the 'SET' framework - wherein the 'S' part represents strategic planning. India will have to choose the potential sector and the segments that offer a strong competitive edge over other nations. While India has already taken its initial steps with various government initiatives such as AtmaNirbhar Bharat and the Production Linked Incentive (PLI) Scheme, this further can be enhanced with an end-to-end planning including targets and ecosystem.
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