India : 'Manufacturing has pivotal role in India's development'

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'Manufacturing has pivotal role in India's development'

04
Nov '16

India has the key resources essential to make Government of India's 'Make in India' programme a success, said Sanjay Jain, president of Northern India Textile Mills' Association in a note. However, the Make in India initiative will be successful when the crucial role of manufacturing sector in the development of the country is identified by the citizens.

When it comes to ease of doing business, India's ranking is at 130 out of 190 nations. India has ample resources such as availability of labour at reasonable cost, a huge domestic market, ample opportunity for import substitution, rich reserves of raw materials and a proactive government, said Jain, who is also the managing director of TT Ltd. According to him, a proper layout is required to transform the dream of Make in India into a reality.

Stressing on the significance of developing India's manufacturing sector, Jain said, “Unless we don't understand the importance of manufacturing sector by generating employment, revenue, self-reliance, earning foreign exchange by exports and import substitution, reducing cost of products for the common man – we shall never ever see the dream of India becoming a manufacturing hub and factory of the world like other nations.”

Various issues are to be brought in limelight and worked upon for the improvement of manufacturing industry of India. Jain suggests that there are areas where improvements can be made such as interest rates, government policies and labour wages among others. (RR)

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