Technological advancements in the manufacturing sector will give India an upper hand among its competitors, says India Inc. at 115th Annual Session of PHDCCI

No.PR-279 October 07, 2020 New Delhi

Technological advancements in the manufacturing sector will give India an upper hand among its competitors, says India Inc. at 115th Annual Session of PHDCCI

Technology advancements in the manufacturing sector will give India an upper hand among its competitors. Interest rates in India are significantly high as compared to other countries; we need to bring up financial institutes that can give long term loans at competitive rates to be more competitive, said business honchos at 115th Annual Session of PHDCCI.

Addressing the 115th Annual Session of PHD Chamber of Commerce and Industry, Dr. D K Aggarwal, President, PHDCCI, appreciated the proactive reforms undertaken by the Government during the times of pandemic. The economic reforms and relief packages announced by the government were the need of hour that would help the economy revive from the offsetting Pandemic. He opined that the government acted swiftly in rolling out the much needed reforms including the agriculture bills and labor codes. He said that emphasis of domestic production should move from labour intensive to capital intensive to high end technology products in the coming times.

Mr. Salil Bhandari Managing Partner, BGJC & Associates LLP& Former President, PHDCCI, said that a healthy and a fit body is essential to be ready for our journey towards Aatmanirbhar Bharat. As far as industries are concerned, India needs to strengthen itself to meet the demand of global world. Covid has provided an excellent opportunity to rule the world by being healthy and fit. Knowledge is important and being able to implement that knowledge is the key to success. Mr Salil Bhandari emphasized that India should focus on the needs of its consumers in order to progress and become independent. He suggested that the country should have Partner suppliers who understand the needs of the consumers.

Mr. Sandip Somany Vice Chair & Managing Director, HSIL Limited & Former President, PHDCCI, said that the Aatmanirbhar Bharat is a great concept. At this juncture, strengthening the manufacturing sector at competitive costs should be a key focus area for the Government. India should develop its competencies and take advancements of upcoming technologies to keep up with the global markets.

He opined that labour is another aspect that should be focused to attain self-reliance and therefore, attention is required on having more productive labour. Delay in land allotment is another hindrance in achieving Aatmanirbhar Bharat. In spite of India going in the right direction in ease of doing business, the country still needs to accelerate its steps towards e-regulations and enhance transparency in the policy landscape, which is very crucial in restoring investor-confidence.

Mr. Alok B. Shriram Senior Managing Director & CEO, DCM Shriram Industries Ltd& Former President, PHDCCI, said that Aatmanirbhar bharat is an inspiring vision. He said India should understand the advantage it carries and build upon them to achieve Aatmanirbhar Bharat. Cost and speed of doing business is the most important factor to stand out globally. The new labour codes were the need of the hour. Mr Alok said that the Covid pandemic has brought a lot of concerns for small businesses and he urged the government to help them with as much liquidity as possible.

Dr. Mahesh Gupta, Chair and Managing Director, Kent R O Systems Ltd & Former President, PHDCCI said that Aatmanirbhar Bharat is exciting in this challenging time. The whole world is moving towards interdependence. The idea is not to be dependent on one country. We have to focus on upgrading our manufacturing skills. Covid-19 has provided an opportunity to upgrade ourselves. The lifecycle of products are changing and more services are being needed creating more opportunities in times to come. In a vision to achieve Aamanirbhar Bharat, India should create the capacities and work on the implementation strategy.

Mr. Gopal Jiwarajka Chair & Managing Director, Salora International Ltd. & Former President, PHDCCI, stated that Aatmanirbhar Bharat is the rebranding image of India. He emphasized that manufacturing is the key element of this mission and it must contribute 25% to 30% of the GDP. Manufacturing across the globe is not a policy, but is a mindset and India should have its mindset channelized in that direction. Creating job opportunities by up-skilling is very important, he added.

Mr Gopal Jiwarajka focused on the need to have skills for a large export base. While having low cost of labour is important, it is more of a short term engagement and should not be focused on much. He concluded by stating that the policy should not be driven towards restrictions, rather should go for incentive based things such as production-linked incentive (PLI) schemes.

Mr. Pradeep Multani, Vice President, PHDCCI, presented the formal vote of thanks for the session and thanked everyone for their views on Aatmanirbhar Bharat. He said that during these tough times, the government’s initiatives are spear heading the country towards self-reliance and sustainable development. India’s self-reliance means being self-sufficient without alienating or creating distance from the world. It implies that while continuing to engage with the world economy, India shall strive to strengthen its indigenous identity.

PHDCCI's 115th Annual Session has been supported by Vestige Marketing Pvt Ltd; Maruti Suzuki; Radico Khaitan Ltd; SMC Global Securities Ltd; Paramount Communication Ltd; Multani Pharmaceuticals Ltd; DLF Ltd; JK Tyres; Apeejay Svran Group; M V Cotspin Ltd and DCM Shriram Industries Ltd. The other sponsors of the session were Hindalco Industries Ltd, Martin & Harris Pvt Ltd., Filatex India Ltd., Bharat Aluminium Company Ltd, Hindustan Tin Works Ltd, Alliance Advertising & Marketing Pvt. Ltd, Oswal Greentech Ltd, Modern Auto Ltd and Bry-Air (Asia) Pvt. Ltd.

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Ends Media Division PHD Chamber of Commerce and Industry