For the last some decades, the global market was witnessing China as a global manufacturing hub but the dynamic missions like Make in India and attaining a 5 trillion economy by 2030 has geared up the indigenous manufacturing in the country. Therefore, India is now, under the surveillance of the global market and investors all over worldwide. It is the right time to strike the hot iron. It is now, time to amalgamate the private sector with the government sector to refurbish Indian Manufacturing.
The mutual alliance of the government and private agencies can scale up the native manufacturing assets at a mass level and make them meet the requirements of modern global standards. This can be a game-changer in boosting the operations of Finance, supply chain, management and public transportation thereby, unlocking the door of making them first in the checklist of the global market.
The partnership of government and private firms will unbolt the large scale industrial projects by imbibing the combination of technology and innovation of private industries with the incentive support of government. It will help in sweeping off the risks involved from the government as well as the industry side. The risks such as underdog technology, inability to meet the quality standard, inefficient skill training plans and unperceived exploitation of the resources will be wiped out through the teamwork of the government and private companies.
Nourishing the embryonic stage of an industry
When any industry is about to start, it needs full support in terms of raw materials, technology, skilled manpower and to be sure, support from local authority and government. This is mandatory not only for providing a competitive edge but, also for speeding up the infrastructure in terms of construction, equipment, support and services.
In the initial years, the industry needs to be considered as an individual. The focus should be on teamwork as a whole. When the Evertrade Group was in the infant stage in 2012, we knew that more than 50 % of the global market was occupied by China. Also, there was more versatility in raw materials and their suppliers were also in abundance. So, thinking from the brain than the heart, it was a better place to start.
For the last couple of years, we can see how India is emerging as a hub of opportunities especially, in the manufacturing sector. Our 10 % export to India reached almost 50 %. India is now equipped with technology, skilled manpower, financial stability, which are needed to spearhead Indian manufacturing. The only key ingredient is the proper utilization of the resources by the private sector with extensive support from the government.
Tapping the skill potential through Skill development missions
The young population which is not skilled cannot be an asset. The reason is there is no contribution from the unskilled manpower. When there is a goal of globalizing the economy, we have to target the realisation of the Indigenous potential in manufacturing. As per the reports, India has attained 56 million working people in the year 2020. India’s high population is a stark reminder of the scope for substantial growth in manufacturing.
To make India compliant as per the global standard, there is a need for all-in-one design studios that can satisfy all the aspirations of the investors. This requires state-of-art skills among the workforce.
The government should come up with skill development programmes that should be efficient enough from the assessment aspect. As far as the manufacturing is taken into account, it cannot be learnt in offices. One has to go to the shop floor. Also, the process may be the same but the technical aspects are different.
So, while designing the alloy of the skill development plans, there should be uniformity with 30 % theory and 70 % practical in it. Another masterstroke will be launching the courses of retail management, merchandising and patenting the market product. This will enable the investors to patent their product with 100 % indigenous support.
Circumscribing Investors with Quality Data management
For accomplishing the ease of doing business, management of data in a proper way is crucial to the forefront to the investors to make a home in India. As per the goal of tapping the potential investors, data and information are frontline ingredients. The predictive modelling of the manufacturing market will be effective if the data is kept proper and presented proper.
As per the reports, India’s export of footwear components has raised from around 320 million dollars to around 335 million dollars. In terms of volume, India produced 1.8 billion units and is expected to produce almost 3 billion units by 2024 growing by more than 10 % annually as shown in the figure. Certainly, the market data is one of the major reasons we landed in India to set up footwear manufacturing and seek new opportunities in the expansion of the Evertrade Group.
India is nowadays, seen as an investment destination by global investors. So, it is necessary to have the first point of contact like Invest India, which is helping the foreign investors in exploring India in a better way, in the form of business strategy, investment ecosystem and a long-term partnership.
When we were about to start our project in India, it got uphold fully by the government. We had a strong communication network with Invest India regarding our proposals and preferences of the location in which we want to locate our industry. The support we got was very consistent which was also, endowed with worthwhile suggestions without any biases. Also, there was a breakthrough from support from Captain Dibya Shankar Mishra, MSME Minister, Odisha and Nitin Jawale, Managing Director, IPICOL.
India is growing as an emerging market in the fiscal space. Initiatives like Atmanirbhar Bharat Mission are augmenting Indian Manufacturing by assisting investment, inculcating innovation and elevating the skill development mission to foster the world-class infrastructure for the Indian manufacturing sector. Besides this, the cooperation of the public sector and private sector will be a major watershed to make Indian manufacturing erupt in the global market.
