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Trade Talk | May 2015

Manufacturing to touch $1 trillion by 2025

PHD Chamber organised a Conference on ´PHD manufacturing Signature Series 2015- Zed Effect´ recently at the PHD House, New Delhi which was inaugurated by Narendra Singh Tomar, Hon´ble Union Minister of Steel and Mines, Govt. of India.

Alok B Shriram, Senior Vice President, PHD Chamber while welcoming Narendra Tomar highlighted that India´s manufacturing sector could reach $1 trillion by 2025. This could be achieved on the back of the continually growing demand in the country and the inclination of multinational corporations to establish low-cost plants in India. Up to 90 million domestic jobs could be created by 2025, with the manufacturing sector contributing to about 25´30 per cent of India´s gross domestic product (GDP).

Anil Khaitan, Chairman, Industry Affairs Committee, PHD Chamber while felicitating the Chief Guest and participants said Studies conducted on the manufacturing industry have concluded that India has a working population of 75 per cent. Out of this, only 600 million have acquired education till middle school. Due to this reason, the manufacturing industry in India , which is labor intensive, can provide the requisite number of employment units in the country. Studies have indicated that the productivity of the manufacturing industry in India is approximately 1/5th of the productivity in the manufacturing industry of US.

Naveen Jindal, Chairman, Jindal Steel and Power Ltd, demanded transparent policies from the government for all sectors including Steel, Coal and Mines so that no ambiguity prevails and business is conducted with ease and fairly. Narendra Singh Tomar said that the Ministry of Steel is making necessary provisioning in the law to involve private sector participation in exploration of mines and minerals and also empowering them to compensate the cost involved in exploration.

DP Deshpande, Managing Director, Tata Sponge Iron Ltd said that large unorganised sector serves the steel manufacturing industry and the manufacturers must owe the responsibility to organise them, to enable them to produce good quality products and become competitive like Tata follows the model of TQM( Total Quality Management).

Easwaran Subramanian, Senior Director - Consulting, Deloitte Touche Tohmatsu India Private Limited said it was the need of hour that private industry players need to invest in R&D to encourage the innovation and new technologies which will lead to zero effect and zero defect.

Rajiv Bajaj, Partner, Nomura Research Institute India (NRI) said that despite tough conditions to do business in India, automotive industry has marked India´s position in the world.

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