Building on its commitment to expand operations in India, global technology and software company Emerson (NYSE: EMR) announced its new state-of-the-art manufacturing facility in Talegaon, Pune in Maharashtra.
The latest instalment of production linked incentives offered by India to lure global manufacturers is simply the next step in a long line of reforms and policies taken by the Modi government to send out a clear message to the world – India means business.
As the world battles Covid-19 with no clear end in sight, the proposal for an enhanced regulatory framework under the new bill will boost the ease of doing business in India and ensure further investments under ‘Make in India’ initiatives.
The production-linked incentive and phased manufacturing programme for the toy sector could attract many global toy makers to shift base to India from China. And if Indian start-ups can leverage India’s traditional games and take them to global markets, the industry can quickly scale up to global standards.
As the cost of labour rises in large shipbuilding nations, India has a chance to gain a larger share of manufacturing in the years to come so that it can supply vessels to both domestic and international customers.
PMI growth of nearly 60% is not only a decade-high record but also reflects how fast the manufacturing sector is recovering lost ground.
As the world rapidly moves towards diversifying its supply chains and reduce its reliance on one country while also battling the new set of norms and processes the manufacturing sector is undergoing a makeover like never before.
Baba Kalyani is the Chairman and Managing Director of Bharat Forge, one of India's giants in the manufacturing space. In this interview with 'India Global Business', the doyen of Indian industry gives his insights into the future of digital manufacturing, electric mobility, telecommunications and much more.