Indian manufacturing units should become integrated partners of global original equipment manufacturers, Subu D Subramanian, Managing Director and Chief Executive Officer of Defiance Technologies, said here on Friday.
Speaking at the Global Manufacturing Cluster Vision 2020 organised by the Coimbatore District Small Industries Association and TexasVentures, he said that technology was a catalyst to enhance manufacturing productivity. For the last two to three decades, technology and manufacturing had been going hand-in-hand. In the 21st century, technology went beyond enterprise and that drove the growth of the companies.
The market attractiveness and capability in the country would explode the size of opportunities. Overseas companies would want to design their products for the Indian consumers. Hence, the manufacturers should become integrated partners for global market and global original equipment manufacturers.
R. Nandini, Chairperson of Confederation of Indian Industry, Tamil Nadu chapter, said the manufacturing sector contributed to 15 per cent of the GDP and employed 58 million people. Sectors such as food processing, metal and electrical machinery were growing fast. The growth was driven primarily by domestic consumption. The Indian manufacturing sector was now globally competitive and participated in the global economy. Innovation and technology would boost competitiveness. The Government, industry and academia should collaborate for the Indian manufacturing sector to grow at 11 per cent annually for the next 15 years.
During the recent years, the manufacturing industry helped Tamil Nadu achieve 13.2 per cent GSDP. The state had attracted huge foreign direct investments. Export of value-added products had also gone up. Textiles, automobile and engineering were some of the sectors that were doing well. “New avenues of growth are seen now,” she said. “We should impart skill to our youth.” About four lakh students passed out of the colleges in the state every year and only 25 per cent of them were employable.