Rising India Summit: It's time for India to become a manufacturing hub
Sunil Vachani, Founder and Chairman of Dixon Technologies stated that everybody is convinced that this is our time to make India next hub for manufacturing, not only for the domestic market, but also for the global markets.
India's manufacturing industry has been on the rise in recent years, with many major players eyeing the country as a potential hub for production and innovation. Also, considering the uncertainty in the global market, there is an opportunity for India to grab more of the pie.
Sunil Vachani, Founder and Chairman of Dixon Technologies, while speaking at Network18's India Rising Summit stated that industrialists are convinced that this is the time to make India the next hub for manufacturing, not only for the domestic market but also for the global markets.
“The global market for our industry, which is the ICT - information, communication, technology, it's almost $900 billion and India has just about 2 percent market share. So our exports are roughly about $18 billion, so there is a huge opportunity that awaits us. Even in the domestic market, there is a big opportunity because there is a large potential for import substitution,” Vachani added.
According to Santosh Iyer, MD & CEO of Mercedes-Benz India, the nation is the fastest-growing market for luxury car manufacturer, with expectations for double-digit growth and the launch of ten new models.
Iyer mentioned that Mercedes was the first to setup manufacturing and also the first to also start local EV production in India in the luxury car space. He said, “We are quite proud to say that any Mercedes in the world has an India in it, because there is an Indian engineer, which has worked on some development, some patent creation, and we are already contributing to the global ecosystem.”
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Sanjeev Sharma, MD & CEO of ABB India, has also expressed similar views, emphasizing the need for organic and inorganic expansion in the country. He believes that India's moment has arrived, and it stands out for ABB as a destination for investment and production.
“We have been very long on India for 70-75 years, we are manufacturing in this country and we had a lot of deep supply chains within the country which not only serve us to serve customers here in India but also they are globally connected.”
Sharma stated that it serves well for a business to take a long point of view on India because this is growing year after year. He said, “I must say there is a dramatic shift, wherein we have increased the portfolio depth of our global technologies in the country."
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Salil Gupte, President of Boeing India believe that India will be one of the top markets for aviation, someday India will have the capability for top quality manufacturing, and be part of the global supply chain.
“It is crystal clear that in this moment, as we emerge from the global pandemic, someday has arrived. This is India's moment because as companies around the world seek supply chain resilience, this means diversification of the supply chain dual sourcing and India has an opportunity to perform at a world-class level which they are doing in our experience with our billion-dollar plus supply chain here in India, “ he said.
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