Rajesh Agarwal highlights the high Growth Prospects in India’s Manufacturing Sector

Business/Economy, International

Micromax Co-founder rajesh Agarwal, micromax MD rajesh agarwal

micromax informatics, micromax co-founder rajesh agarwal, owners of micromax

 

India’s one of the major concerning issues; its population can prove to be a blessing in disguise, making it a perfect destination to become the next global superpower. Micromax co-founder Rajesh Agarwal highlights that the despite many challenges being faced, the country remains ambitious with the state-of-the-art initiatives like Make in India and Digital India.
The Make in India campaign strives to harness the country’s young workforce and build on its inherent potential. A number of opportunities have been created in India’s manufacturing sector due to the void created by China drifting away from it. Micromax Rajesh Agarwal further highlights that there are certain impediments which need to be removed in order to make India the next superpower in manufacturing.
Apart from the well-known issue of poor infrastructure, there are several areas that need to be tackled on a war footing. While China has raced far ahead of India, today its manufacturing is slowing down, wages are rising and the labour force in the country is dwindling. On the other hand, the Indian labour force is just coming of age. It is estimated that by 2030, India will have the largest labour force in the world. Make in India seems like the perfect platform to absorb an annual 12 million-strong workforce. However, unless this workforce is equipped with the required skills, India will miss this golden opportunity.
India can surely take the lead in the manufacturing sector, given that the government will undertake next-generation tax reforms for businesses planning to Make in India; it will also start a line item-by-item cost and policy comparison, including IPRs (intellectual property rights), with China and other competing countries.
The prime minister’s vision to ensure a smartphone in the hands of every citizen by 2019 is a dream that can progress towards reality if mobile brands get together to create an ecosystem of connected devices. The manufacturing of smart devices involves many factors. The biggest factor is to understand the requirement of the local customer. Then comes the software, followed by hardware, components and assembling of parts. With electronic goods emerging as India’s fastest growing sector, the country needs to use the capabilities developed thus far to successfully export products.

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Last modified: August 24, 2016

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