Active Stocks
Fri May 24 2024 15:59:27
  1. Tata Steel share price
  2. 174.80 -0.37%
  1. NTPC share price
  2. 374.85 0.68%
  1. State Bank Of India share price
  2. 828.60 -0.45%
  1. ITC share price
  2. 436.10 -1.16%
  1. Power Grid Corporation Of India share price
  2. 318.50 -0.39%
Business News/ Companies / News/  Shift  in  production  ecosystem  to  boost efficiency
BackBack

Shift  in  production  ecosystem  to  boost efficiency

Industry executives said that component manufacturing through government incentive schemes would help India become self-reliant and an alternative to China for global supply chains

(From left) Moderator Aashish Gupta, partner, Grant Thornton Bharat, in conversation with Manish Sharma, chairman, Panasonic Life Solutions India; Pramod Mundra, executive vice-president and chief information officer, Havells; Sasikumar Gendham, managing director, Salcomp Manufacturing India; Ravi M. Bhatkal, managing director, Element Solutions, and Rahul Sharma, co-founder, Zetwerk.Premium
(From left) Moderator Aashish Gupta, partner, Grant Thornton Bharat, in conversation with Manish Sharma, chairman, Panasonic Life Solutions India; Pramod Mundra, executive vice-president and chief information officer, Havells; Sasikumar Gendham, managing director, Salcomp Manufacturing India; Ravi M. Bhatkal, managing director, Element Solutions, and Rahul Sharma, co-founder, Zetwerk.

New Delhi: India’s manufacturing ecosystem should shift towards integrated platforms which can drive efficiency and economies of scale by providing all elements of the supply chain under one umbrella, said industry executives. They added that component manufacturing through government incentive schemes would help India become self-reliant and an alternative to China for global supply chains.

Speaking at the Mint Zetwork Smart Manufacturing Summit last week, Sasikumar Gendham, MD, Salcomp Manufacturing India said that the dependence on China for raw materials and inputs has to reduce and industry must focus on component manufacturing to attract supply chain ecosystem. He added that government’s incentives schemes of PMP, SPECS and PLI had worked to bring all major manufacturers to India.

“The need of the hour is that organizations manufacturers have to not only let the assembly of products to happen in the country of what is getting consumed in the country, but also drive backward integration," said Manish Sharma, Chairman, Panasonic Life Solutions India Ltd, who added that rapid shift to drive automation has started to happen in the industry.

Rahul Sharma, co-founder of Zetwerk said that offering a platform which can bring together manufacturing capacities, customer management know-how, working capital and logistics in a supply chain can be advantageous for the Indian ecosystem amid changing geopolitics that were necessitating local manufacturing of components and sub-components besides end products.

Ravi Bhatkal, managing director, Element Solutions Inc, said that investments into component fabrication, printed circuit board assembly semiconductor packaging and semiconductor were in the process of coming into the country, which would facilitate high-value manufacturing.

The direct-to-consumer concept was forcing traditional manufacturers to adopt cutting edge technology like analytics, AI, and how to learn about consumers, said Pramod Mundra, EVP and CIO, Havells, but noted that the D-to-C players were also venturing into offline markets which has been the turf of manufacturers. “The convergence has already started happening. The players who learn the other part of the trade quickly will eventually emerge as winners," he said.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

ABOUT THE AUTHOR
Gulveen Aulakh
Gulveen covers both corporate and economy, and policy sections of Mint. She also covers telecom, IT from the corporate side and disinvestment, finance ministry from the economy side. Gulveen finds the rare mix of sectors she covers to be incredibly interesting.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 06 Mar 2023, 12:10 AM IST
Next Story footLogo
Recommended For You