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The Indian manufacturing sector should make strong investments in R&D and technology to become cost-competitive and benchmark against global quality and standards, as India is seen as an alternative sourcing hub to China, says Satyakam Arya, MD and CEO, Daimler India Commercial Vehicles Pvt Ltd.
Addressing the inaugural session of ACMEE 2023, an international machine tools exhibition in Chennai, Arya said, “India stands taller today among its peers as the only economy with inflation under its control and growing strongly at 6.5-7 per cent. The best of India is ahead of us in this decade. Therefore, all of us must prepare to participate in this and contribute to our economy.
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Titagarh Wagons-BHEL consortium signed a contract with Indian Railways to make 80 sleeper trains by 2029The entire world is looking to India to diversify supply chains and reduce dependence on China, he said. India can provide a credible alternative to China by raising standards in products pertaining to cost, functionality, and quality. This, in turn, can be achieved through investments in R&D and technology.
“We should promote the culture of innovation in the country,” he added.
He urged Indian industry to focus on sustainability. “It is important for us to acknowledge and prepare ourselves for this transformation. We should see these investments as investments in our future, which is good not only for our businesses but also for the government and society.”
Arya also stated that human capital is another critical area of focus to drive growth. “Our people are our great asset. By providing necessary training and upskilling opportunities and a conducive work environment, we can achieve greater heights of excellence,” he said.
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The textile sector in the State can grow further by taking up production of technical textiles.The head of the Indian arm of Germany’s truck and bus giant Daimler Truck AG lauded the resilience and adaptability of the Indian manufacturing sector during challenging times. The Covid-19 pandemic and subsequent geopolitical disruptions have tested the collective strength. But the manufacturing sector rose to the occasion and displayed truly remarkable teamwork, he said.
ACMEE 2023, organised by Ambattur Industrial Estate Manufacturers Association (AIEMA), was inaugurated by RN Ravi, Governor of Tamil Nadu. Themed ‘Smart manufacturing’, the five-day exhibition will focus on the use of IT in machinery, automation, and the use of data analytics to improve production processes. There will also be live demonstrations, technical sessions, and product launches.
EEPC India meet
Meanwhile, EEPC India with a team of about 50 overseas delegates/buyers representing Asia, Europe, Africa, and North America is organising meetings with their Indian counterparts on June 16 and 17 at ACMEE’23.
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The trade policy must focus on promoting products, rather than towns, that hold export potential“India’s exports of machine tools sector have grown to $693.8 million in FY23 from $437 million in FY21, recording a CAGR of 26 per cent. India features as the world’s 28th highest exporting nation of machine tools and 9th highest importing nation. I am sure the Indian suppliers would be benefitted from this meet at the event,” said Suranjan Gupta, Executive Director, EEPC India.
Nearly 435 companies from across the world are participating in the event; the exhibition is expected to attract about 45,000 visitors.
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