Chennai, Dec. 23
THE low labour cost factor, which has spurred the growth in IT/BPO and manufacturing sectors in India, will not last long, according to Mr K.R.A. Nair, Executive Director - Development, Lucas TVS.
Speaking to the press at the inauguration of the Product Development and Management Association (PDMA), he said the labour costs are even lower in countries such as Vietnam, and once the world wakes up to this fact, India will lose a significant advantage.
He said for sustainable growth in the Indian economy, the innovative ability of people in the country should be properly channelled. He said it is for this reason that the PDMA, a US-based organisation, has brought its operations to India.
The PDMA will consist of members such as students, academicians and corporates from various verticals. The members will exchange information through workshops to facilitate the exchange of the best practices.
PDMA will provide a New Product Development Professional certification for candidates who exhibit the best new product development principles and best practices that enable better job performances through a written test.
The idea behind the certification is to help corporates identify those with knowledge and experience to move into a leadership position, according to a release.
Apart from this, PDMA will also conduct a design contest, which will be open for students to enter innovative engineering designs to compete for cash prizes. This will encourage students to think innovatively, according to Mr Nair.