Market Overview India: Vision in manufacturing
India is already slated to become the next manufacturing hub by 2020. However, technology upgradation and various other aspects need looking into if the country has to make a further impact on the global front. .
India’s manufacturing sector is not running at its full potential. A recent industry report stated that if India’s manufacturing sector reached its full potential it could attribute to around 25–30 per cent of the country’s GDP compared to the approximate 16 per cent it currently does.
There is an urgent need for companies to succeed globally, but having only breakthrough innovation and incremental innovation will not help sustainability. This is owing to the fact that an increasing number of companies in India and other rapidly developing economies are able to generate new products, markets and revenue stream, leading to incremental sales to about 20–30 per cent.
Long-term smart innovation
Executive Vice President & Business Head of Godrej Tooling Division (Godrej & Boyce Manufacturing Company Ltd) DK Sharma insists, “Indian companies need to invest more in innovations programs. To be a successful innovative company, we need to build a culture of encouraging new ideas constantly — especially in the face of failures. It has to start from the top and has to be seen encouraging collaborations, rewarding new ideas and helping these turn into reality.”
Sreekanteshwar S, then President – India Sales & Operation, United Grinding Group AG, expresses, “Frugal engineering examples are not unknown of India. Many examples are already prevalent, the most recent is the Mangalyaan mission. The Mars orbiter mission has proved to the world our capability to successfully launch critical space projects at costs far less than those done by developed countries. There are many such examples of frugal engineering, which could be reproduced by our entrepreneurs in most of the fields and put India on the global map.”
The Government of India declared 2010-2020 as the ‘Decade of Innovation’. According to the Global Innovation Index (WIPO, 2014), India ranks 76th among the 143 countries; thus, the functional goal of the Indian innovation ecosystem is to enable technology development and facilitate the smooth translation of innovations through various structures and mechanisms.