Press release from Business Wire India
Source: Frost & Sullivan
Thursday, December 26, 2013 03:52 PM IST (10:22 AM GMT)
Editors: General: Economy, People; Business: Business services, Heavy industries, Major diversified industrial groups; Technology
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Manufacturing Renaissance to be the Key Factor Shaping the Indian Economy: Echo Indian Manufacturers, notes Frost & Sullivan
Mumbai, Maharashtra, India, Thursday, December 26, 2013 -- (Business Wire India) -- Developing solutions 'For India in India' is as much the need of the hour, as is keeping pace with the rapid advancements in global manufacturing techniques. Manufacturing renaissance is an important aspect that can potentially contribute to the increase in contribution of manufacturing sectors toward India's gross domestic product (GDP) growth.
The manufacturing sector is likely to witness a healthy growth over the next two to three years, which is in contrast to the current scenario of declining manufacturing share in total GDP. According to Frost & Sullivan's analysis, the recent dip (2012-13) can be considered as a temporary phenomenon because the fundamentals defining Indian manufacturing growth story are quite strong.
The National Manufacturing Policy (NMP) is likely to be one of the key drivers. While there is a concern on investment slowdown, Frost & Sullivan's analysis indicates that Indian manufacturers are focused on operational excellence improvements, which are a key to manufacturing renaissance.
The push toward making the Industrial corridors a reality, increasing urbanization, rise in working age population, and focus on smart factory are some of the Mega Trends that could potentially drive manufacturing renaissance. The increasing per capita expenditure and penetration of assets spanning urban and rural household demonstrate the strong fundamentals that support India's manufacturing story.
The Industrial Automation and Process Control Practice of Frost & Sullivan recently concluded its annual forum "Enhancing Manufacturing Competitiveness: New Age Solutions Driving Change" on Discrete Automation and Process Automation in Mumbai. The Discrete Automation event was followed by an awards banquet that witnessed industry's best-in-class companies being recognized with Frost & Sullivan's Excellence in Industrial Technologies Awards, India.
Niju V, Director, Automation & Electronics Practice, Frost & Sullivan said, "The key requirement is the need to shift from "Value for Money" to "Value for Many" business models. Indian end users demand quality and relevant features customized to their needs and not a product with stripped down features at low cost. Several solution providers have recognized this requirement and are already focused on developing products for India in India. An added benefit is the market beyond India in countries as far as Africa that may ultimately share similar requirements".
"The two-day deliberations and discussions have clearly demonstrated the readiness of Indian industrial customers toward adopting best-in-class solutions that could drive change," added Niju V. He also said that in order to capitalize on these opportunities, the suppliers should work toward winning end-user confidence on their ability to address their unique needs.
"Solution to India's forex problems is not in running after more US dollars but by excelling Indian manufacturing through Continuous innovation", said Mr. K. Nandakumar, President, Automation Industry Association (AIA). He added that in order to convert the customers' craze for imported products to domestic solutions, ensuring impeccable quality is a must.
Commenting on the key requirements for enhancing India's manufacturing competitiveness, Mr. S. Sriram, General Manager, Marketing, Mitsubishi Electric India Private Ltd. said, "The Indian manufacturing sector is facing unprecedented challenges owing to domestic and global environment. Driving toward enhanced quality and productivity is an inevitable need, which the Indian manufacturing sector needs to achieve to leap into the top league in the shortest possible time. Manufacturing sector will best be served by adopting the presently available highly effective solutions, which can enable best practices and have clear return on investment metrics."
The two-day event focused on sharing best practices and ideas on how to leverage innovative technologies and best-in-class solutions as a resource to address evolving challenges and equip the manufacturing sector for the future.
Automation Industry Association supported the event as an Industry Association Partner, while the Vision Partner was Mitsubishi Electric India Private Limited. Media Partners supporting the event were, A&D India, Automation Excellence, MMI, and Process India.
For more information on the Summit, please log on to www.frost.com/IPC-Summit2013
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CONTACT DETAILS
Akshata Mhatre, Corporate Communications - South Asia, Frost & Sullivan, +91 9867873010 / +91 (22) 66072029, akshatam@frost.com
Priya George, Corporate Communications - South Asia, Frost & Sullivan, +91 9840355432 / +91 (44) 66814414, priyag@frost.com
Nimisha Iyer, Corporate Communications - South Asia, Middle East and North Africa, Frost & Sullivan, +91 9820050519 / +91 (22) 66072007, niyer@frost.com
KEYWORDS
ECONOMY, PEOPLE, BUSINESS SERVICES, HEAVY INDUSTRIES, GROUPS, TECHNOLOGY
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