The manufacturing industry represents a significant challenge for India in its pursuit of the Viksit Bharat initiative, and its contribution to the GDP must rise to 25% if the nation aims to become developed by 2047, stated Kamal Bali, Managing Director and President of Volvo Group India, on Tuesday.
Addressing a symposium hosted by the Indian Foundation for Quality Management, Bali emphasized the necessity for India to capitalize on the opportunity presented by the $3 trillion worth of manufacturing relocating from neighboring countries to other regions by prioritizing quality.
“For India to achieve Viksit Bharat, the sector must operate at full capacity. As it stands, manufacturing is a weak link,” Bali remarked. He pointed out that for the past 20 to 25 years, manufacturing has remained stagnant at 15 to 16% of India’s GDP.
“Various governments and leaders have attempted to change this, but progress has been minimal. This situation must be addressed,” he stressed.
Bali referenced successful nations such as Germany, South Korea, and China, stating, “These countries have built their foundations on manufacturing over the last 40 to 50 years. India should follow suit. Manufacturing must increase from 15-16% to 25% of GDP.”
He recognized the challenge this poses but insisted that a shift in the perception of Brand India is essential, which can only occur through a commitment to quality.
Discussing the current opportunities available, he asserted, “We must seize this moment as nearly $3 trillion of manufacturing moves from our neighbor to new geographies.” However, he cautioned that this opportunity is not limitless.
Bali highlighted India’s current advantage, noting that the world is now viewing India in a more favorable light. “What we need is the determination to prioritize quality—not just to meet specifications, as quality defines standards,” he concluded.
