SME Times is powered by   
Search News
Just in:   • Majority of working professionals welcome cracker ban in Delhi-NCR: Survey  • UK PM travels to Brussels to reactivate Brexit negotiations  • US, Pakistan, China hold talks in Muscat on Afghanistan  • Sensex, Nifty close at record highs  • Pradhan to visit Japan for LNG meet, ink cooperation on gas 
Last updated: 19 Jul, 2017  

industry THMB India needs to improve mfg sector to compete globally: Ansari

Shri M. Hamid Ansari
   Top Stories
» Wholesale price inflation eases in Sep to 2.6 pc
» 'Govt never talk about announcing fiscal stimulus package'
» 'Centre working on mechanism to speed up GST refund for exporters'
» 'Positive exports growth in 26 out of 30 major product groups in Sep'
» Exports rise for 13th straight month, grow 26 pc in September
SME Times News Bureau | 19 Jul, 2017
The Vice President of India, M. Hamid Ansari has said that a large and populous nation like India needs manufacturing to be a significant part of its Gross Domestic Product (GDP) to ensure higher employment and prosperity. The Indian manufacturing needs to improve dramatically in terms of productivity and efficiency to compete in a globalized market.

The Vice President said, "For profitable growth, we have to strive for a premium that will accrue only if we target products that need high quality design, engineering and manufacturing."

He said that test before our companies is to develop business capabilities that equip them to compete at the top of the value chain.

"There is a genuine need for change in the internal environment of Indian firms that can foster competitive thinking and behaviour. We are globally recognized for our services sector that contributes more than 60 percent to India's GDP. A large and populous nation like India needs manufacturing to be a significant part of its Gross Domestic Product (GDP) to ensure higher employment and prosperity."

He was addressing the gathering after giving away the AIMA - JRD Tata Corporate Leadership Award in New Delhi on Tuesday.

The Vice President said that the future growth of our companies will be in being able to create futuristic business scenarios and engineering disruptions rather than coping with its aftermath.

Earlier, the Vice President mentioned the inherent weaknesses of our corporate sector including risk aversion, debt-addiction and low R&D spending.

Indian manufacturing, however, needs to improve dramatically in terms of productivity and efficiency to compete in a globalized market. According to the Asian Productivity Organization's (APO) Productivity Database 2014, the average Total Factor Productivity (TFP) growth in India increased from 2 percent in 2000-05 to 4.7 percent in 2005-10, but fell by 0.9 percent in the next two years. In 2010-12, TFP contributed 11 percent to GDP growth in India. By comparison, its share in China's GDP growth was 26 percent.

Currently, most Indian companies operate at the bottom of the global value chain by selling components or unbranded products, he added.

The Vice President said that said that our corporate sector has to invest, and heavily, in R&D and innovation.

He further said that merely offering incentives to industries may not be enough to spur innovative growth.

"We need to eventually work towards inculcating the 'culture and attitudes' needed to foster innovation and entrepreneurship," he added.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.95
64.30
UK Pound
87.75
84.85
Euro
77.85
75.20
Japanese Yen 58.75 56.80
As on 17 Oct, 2017
  Daily Poll
Small traders even below the threshold limit too should register under GST system?
 Yes
 No
 Can't Say
  Commented Stories
» Starting an import export business: Basic guide for beginners(22)
» GST revamp: Relief to exporters, SMEs(14)
» Collateral free loans available for MSMEs: Minister(3)
» Can PM's advisory council revive growth?(2)
» Relief for MSMEs: MUDRA promotion drive to start from Sep 27(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter