Indore (Madhya Pradesh): Contemplating the dream of India becoming a manufacturing hub, top-notch industrialists in the city agree with the statement of Narayana Murthy, co-founder, Infosys stating, ‘India is far away from becoming the manufacturing hub of the world. Government plays a big role in the success of manufacturing and unless public governance system is improved, for India to become a leader is very difficult.’
Murthy Speaking at ‘ELCIA Tech Summit 2024’ on July 27 shared recent scepticism about India’s potential to compete with China’s manufacturing capabilities. Industrialists in the state expressed their concerns over the raw material which is still being imported from the Chinese state. ‘Majority of the manufacturing industry is dependent on China making it difficult for us to replace China’s monopoly in the manufacturing market.
Government’s decision to close up the market for China has to be altered in order to gain a profitable influx of raw material keeping business and politics on different platter of interests,’ Sunil Chordia, MD, Rajasthan Global Wire said. Industrialists backed Murthy’s statement by anticipating that India’s aspiration to rival China’s manufacturing prowess needs India to open up its arms for Chinese companies.
‘Manufacturing industry in India barely has provision for subsidies. It is to be noted that even if India provides ease to manufacturing by waving off a certain capital gain, the Chinese government provides enormous subsidies making it a cost-effective deal for investors,’ CA, Gautam Kothari, President, Pithampur Audhyogik Sangathan said. Rajiv Gupta, MD Supreme Rolls and Shears Pvt Ltd Informed Free Press about the need for manufacturing, by and large, the domestic contribution is more and the government plays a big role in the success of manufacturing.
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‘There is a lot of difference where India stands from China in terms of manufacturing. For an inset example, industrialists in the state have not been provided with their subsidies yet pending for over two years. Hence, the schemes for MSME’s must be followed by with due diligence in order to yield good results.’ However, industrialists believe that there lies scope for India to perform well in the manufacturing sector enabling it to achieve its dream of becoming a manufacturing hub in the coming years stating, ‘Manufacturing is the future of India.’
If India wants to become the manufacturing hub, we will have to be liberal with our policy towards China. India’s manufacturing is largely dependent on China in terms of capital equipment, technology and investment. Many Chinese companies are investing outside China. India has to open up for Chinese investment, import and export from China
Sunil Chordia, MD, Rajratan Global Wire
I completely agree with the statement stated by Narayana Murthy. Even after years of promoting the Make in India campaign, India is still dependent on China in multiple ways. It is high time for the Indian government to introduce better subsidy allowance if they plan the manufacturing industry to boost. Moreover, creating a different policy for China regarding trade would be much appreciated
CA, Gautam Kothari, President, Pithampur Audhyogik Sangathan
It is true that we are far behind China. But the efforts in the last 10 years and also in the recent Budget, the government has taken initiatives to strengthen industries against China. Government is going to start a critical mineral mission while giving a five per cent waiver on tax to foreign entities. Government is trying to develop an ecosystem against China and positive results will be seen in the next 10 years
Yogesh Mehta, President, Association of Industries of MP
China is far ahead from us but India is the future in manufacturing. Many reasons for the same include laws and norms making it easier for industries. 4M works to develop any industry i.e. manpower, machine, material and management of all the earlier three. There is a three- times difference in our manpower and skills than China. We are at a baby stage in having material while India works a lot in machinery. We are good in management and we are competing well but we need more efforts for the same
Rajiv Gupta, MD, Supreme Rolls and Shears Pvt Ltd
