Mumbai, Dec. 27 (Business Wire India-ANI)): Manufacturing renaissance is likely to contribute to the increase in contribution of manufacturing sectors toward India’s gross domestic product (GDP) growth, a new analysis revealed.
According to Frost and Sullivan’s analysis, the recent dip in the fiscal year 2012-13 can be considered as a temporary phenomenon as the manufacturing sector is likely to witness a healthy growth over the next two to three years.
The analysis indicated that Indian manufacturers are focused on operational excellence improvements, which are a key to manufacturing renaissance.
The National Manufacturing Policy (NMP) is likely to be one of the key drivers.
The push toward making the Industrial corridors a reality, increasing urbanization, rise in working age population, and focus on smart factory are some of the trends that could potentially drive manufacturing renaissance.
The increasing per capita expenditure and penetration of assets spanning urban and rural household demonstrate the strong fundamentals that support India’s manufacturing story.
Niju V, Director, Automation and Electronics Practice, Frost and Sullivan said that the key requirement is the need to shift from “Value for Money” to “Value for Many” business models. Indian end users demand quality and relevant features customized to their needs and not a product with stripped down features at low cost, he said. (ANI)