The Bangalore Chamber of Industry and Commerce (BCIC) said that India’s manufacturing sector contribution to the country’s GDP should increase from 16.5 per cent to 20 per cent if the ambitious export goals are to be met. The government has set an export goal of $8.3 trillion by 2047.
At a manufacturing conclave organised by BCIC, experts addressed topics related to technology-driven manufacturing for growth and prosperity with a focus on affordable digitisation and automation, homegrown technology, sustainability, innovation and emerging manufacturing technologies, and scope and opportunities.
Among the attendees were manufacturing industry experts, academia, and government representatives who met to discuss measures to boost manufacturing in Karnataka and the importance of adopting sustainable practices.
S Devarajan, President, BCIC and senior Vice President of TVS Motor Company mentioned India’s capacity to achieve a growth rate ranging from 8-10 per cent by the year 2030 driven by the manufacturing sector. Stating that the manufacturing industry is the backbone of the country’s economic activity, he said India is showing signs of revival after consecutive quarters of subdued growth.
“Automation plays a pivotal role in the sector’s success, but its adoption in India remains low and requires immediate attention. A holistic approach encompassing product, process, and sustainability is essential. Efforts should be directed towards enhancing energy efficiency and implementing a circular economy in our processes”, he said.
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Gunjan Krishna, IAS, Commissioner for Industrial development and Director, Industries and Commerce, Government of Karnataka, said, “The Karnataka government has created a framework focusing on three broad sectors with the most significant value addition to the GDP i.e. electronic component manufacturing, aerospace and defence , and employment-intensive sectors like textiles and electronics manufacturing.
She added that the government emphasises the importance of emerging technologies and the need for skilled workers. Stating that a balance between technological advancement and employment opportunities for India’s growing population was crucial, Krishna mentioned that the government was also working on improving industrial infrastructure, offering plug-and-play facilities, and streamlining logistic processes for efficiency and cost reduction.
“Access to finance, technology, and efficient supply chains will be critical for the growth of micro, small, and medium enterprises (MSMEs)”, she said.
Reporting by BL Intern Sanjana