In the post-Independence period, there has not been a year when the share of GDP has seen an upward trajectory as compared to other developed country’s manufacturing share of GDP, said Prof C P Chandrashekhar, Professor at the Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi.
Addressing the Xavier Institute of Management and Entrepreneurship (XIME) national seminar on ‘Make in India: Making it work’ for which BusinessLine was the media partner, Chandrashekhar said “It is as high as 25-30 per cent in the developed countries, whereas in India it is only 15-17 per cent, and this is a long-term failure for India.”
“Secondly, it is important to note that the principle drivers should have a spin off effect which can help in ensuring a continuous growth,” he added.
Rajeev Gowda, Member of Parliament, primarily focused on sharing the stark distinction between what ‘Make in India’ aspired to do and what the reality is.
“‘Make in India’ aimed at creating 100 million jobs since its inception back in 2014 but has failed to do so till date. Instead, the textile industry lost 30 million jobs. The manufacturing industry witnessed a slowdown and is already perceived to be lost in the desert,” he remarked.
He further said: “More emphasis must be put down on the aspect that our thinking must not be limited to growth of only large corporates but also for MSMEs in case of manufacturing industries, as they have always been looked down.”
In the session on ‘innovation for competitiveness’, Rakesh Sasibhushan, CMD, Antrix shared ISRO’s journey and said: “The space industry in India is at the cusp of major break-through. As per Morgan Stanley report, global space economy is expected to touch $1.1 trillion by 2040 and India is well positioned to garner significant market share of global space industry.”
Vikram Kirloskar, President, CII speaking on “‘Make in India’ – the way forward” said: “I think, the big change that can drive Make in India, is the right attitude towards developing a culture of manufacturing within the country with the skill-sets we possess. We need to focus on developing on our own and not depend on technologies and services provided by other countries.”
Prof J Philip Chairman, XIME & Former Director, IIM Bangalore, in his concluding speech said: “In the last five years, Make in India has been the most ambitious movement by the Government in the recent history to boost industrial advancement. This resulted in an increase in the FDI, especially in 2016-17, when we overall crossed $61 million. I strongly support the Government’s approach to Make in India. Although it is a bold initiative, there is a slowdown within the industry currently which is prompting the industry members to be in a wait and watch mode.”