A FUNDAMENTAL RESET TO DRIVE MANUFACTURING GROWTH

With global events likely to redefine the manufacturing sector, the focus must be on technical education, core engineering and innovation

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Global manufacturing and trade is shifting rapidly toward innovation-driven, medium-highand high-tech products. It is driven by advanced research and development (R&D), technological sophistication, high skills and a complex network of supply chains. In addition, there are the current high tariffs introduced by the United States. It is likely to redefine the manufacturing sector. Irrespective of whether there are tariffs or not, the fundamentals need to be set right. This demands policies that address challenges squarely.

India has a challenge at hand. Realising the criticality of manufacturing in the economy, the country has been making consistent efforts since the economic reforms in 1991 together with renewed efforts using flagship programmes such as the National Manufacturing Competitiveness Programme (NMCP) in 2005 and Make in India in 2014. Multiple initiatives have provided impetus to the electronics, pharmaceuticals and automobile sectors.