Right time for Indian manufacturers

June 23, 2016 11:31 am

It is a right opportune time for Indian manufacturers to make the best out of ‘Make in India’ initiative.  There is a conspicuous ease of doing business at home and spur in manufacturing growth with global investors setting up shops in India.M Sankaranarayanan, President, RSB Transmissions (I) Ltd
  The commendable ‘Make in India’ initiative has fostered growth of industry in general and auto industry in particular due to facilitative measures taken by the government for industrial sector, creation of conductive environment for manufacturing, pro-active policies and procedures and significant improvement in elimination of bottlenecks.  Industry is upbeat with vibrancy with increased flow of FDIs and good export potential is vivid in the horizon.
There is ease of doing businessIt is a right opportune time for Indian manufacturers to make the best out of ‘Make in India’ initiative.  There is a conspicuous ease of doing business at home and spur in manufacturing growth with global investors setting up shops in India. The boost for refuelling growth, taming price pressures, facilitating industrial and businesses environment and simplifying the policies and procedures have made way to opportunities hitherto untapped.  Synchronising West with East through I-ways, fostering of innovation, incentivising investments, protection of intellectual property and building best-in-class manufacturing infrastructure, are positives to Indian manufacturers to bolster industrial growth.  The Indian companies focus more on R&D, innovation and bring in technology to grab these new opportunities.
Reduced complexity & increased transparency India stands today as a preferred destination for global investors as de-licensing and de-regulation measures have reduced complexity and increased transparency. Digital approach for industrial license on-line clearances, returns filing in unified form through e-mode for all the businesses and ease of inspection procedures, have removed bottlenecks and facilitated the ease of doing business.
Hindrances & bottlenecksAccess to modern technology and services in terms of cost needs to be addressed to make India a significant global player.
Conspicuous gap in energy – needs vs. generation has to be evened out swiftly. High cost of power continues to be a hindrance to competitive edge in global market. Unless energy infrastructure is boosted with high capacity national transmission grid, the energy cost for majority of Indian players will continue to be unaffordable.
Each corner of business corridor of India needs to be linked through efficient linking of roads, railways, ports and airports through improvement in infrastructure for smooth and speedy movement of goods and services with efficient tracking through GPS and latest digital technology.
Cost of raw material, cost of energy are unfavourable and making the industry uncompetitive in global market. Technology and R&D capability act as constraints in certain areas and necessitates import.
RSB’s contribution towards ‘Make in India’RSB Transmissions is proud to be part of ‘Make in India’ culture, which runs in its stream since inception.  It already works on programs of import substitution. Lion’s share of its raw materials is sourced from Indian business partners besides; exports continue to be given thrust.