Making India the world’s factory to be key focus today
1 min read . Updated: 02 Mar 2023, 12:34 AM IST
Premium- India is now projected to become the third most sought-after manufacturing destination globally by 2025 and to add over $500 billion to the global economy annually.
India’s aspirations of attaining developed nation status and becoming the world’s third-largest economy by 2047 hinge on the rapid scaling up of its manufacturing sector to meet global demand. However, the investment required to achieve this is nothing short of staggering, given India wants to raise the size of its manufacturing sector to $1 trillion over the next few years.
Production-linked incentives have created the ground for innovation and scaling up of manufacturing in areas that earlier depended on imports. India is now projected to become the third most sought-after manufacturing destination globally by 2025 and to add over $500 billion to the global economy annually.
Making India the next factory of the world will require the collective efforts of all stakeholders. The Mint-Zetwerk Smart Manufacturing Summit 2022, being held in the Capital today, will bring together policymakers, business leaders, technologists and others to take stock of the way ahead for the resurgent dream of India as a manufacturing powerhouse.
The event will see participation from three top ministers who are driving the government’s agenda in investments, global trade, infrastructure, manufacturing and technology. Commerce and industry minister Piyush Goyal and road transport and highways minister Nitin Gadkari will deliver keynote addresses. The event will also feature a fireside chat with Rajeev Chandrasekhar, Union minister of state for electronics and information technology as well as skills development, on ‘Creating Talent and Skill Dividend for Advanced Manufacturing Industry’.
The event boasts a power-packed speaker line-up, including Anil Chaudhry, zone president and MD and CEO Schneider Electric India; Deepesh Nanda, chief executive of GE Gas Power South Asia; Rajan Anandan, managing director of Sequoia Capital; Vinati Saraf, CEO of Vinati Organics, and Zetwerk CEO Amrit Acharya, among others.
Several leading industry executives will also join the event to provide insightful discussions on all aspects of manufacturing. There will be panel discussions on building a $5 trillion economy through manufacturing and infrastructure; the future of consumer electronics and D2C manufacturing in India; financing for MSMEs and other themes. You can follow a livestream of the event on livemint.com from 2pm onwards.
