Taking manufacturing to the next level will require a huge technological leapfrog – Amitabh Kant

21st International Engineering and Technology Fair (IETF) kicks off in New Delhi

According to Mr Rajeev Kher, Commerce Secretary, Ministry of Commerce and Industry said that “Engineering sector is a prime mover of the economy.  Its uniqueness to India’s growth story can be seen in terms of the large canvass it provides for value addition and the vast opportunities it opens for entrepreneurs, technology development and employment generation”. Mr. Kher was speaking during the inaugural session of the 21st International Engineering and Technology Fair (IETF) organized by the Confederation of Indian Industry in New Delhi today.

Highlighting the recent actions taken by the government on the policy front, Mr Kher stated that the measures taken by the government towards liberalizing the FDI limits in the Defence and Railways will give a big boost to the domestic engineering and manufacturing sector.

Mr Kher also highlighted the need for enhanced investments in the research and development both by the government as well as corporates to help Indian Industry go further up the manufacturing value chain. 

Speaking at the session, Mr. Amitabh Kant, Secretary, Department of Industrial Policy and Promoition stated that the key challenge for India is to rapidly attain a  9% growth growth trajectory for the next several years. According to him, this growth rate was necessary to increase the share of manufacturing from current 16 % to 25 % over the next decade.

Mr. Kant observed that taking manufacturing to the next level will require a huge technological leapfrog. Indian States provide huge opportunities for manufacturing and different states are executing in different areas of manufacturing with some states   like Maharashtra, Gujarat, Tamil Nadu showcasing cutting edge technology.

Mr. Kant felt that it was time for India to work with the best manufacturers in the world and imbibe the latest technological developments and IETF is an appropriate platform to explore such partnerships. He was of the view that in the present scenario India demographic profile that comprises of the young and aspiration population with the use of this new technology will drive the new manufacturing. 

Talking about the government’s efforts in providing a boost to the manufacturing sector, Mr Kant said that the Make in India campaign is not about the protectionism but endeavors to make Indian manufacturing a part of the global supply chain. The government is determined to drive the India’s infrastructure and improve ease of doing business to make India an attractive Investment destination. 

Speaking at the session Mr Takeshi Yagi, Ambassador of Japan to India said “There exists centuries old friendly relationship between Japan and India and the intensity has further increased in the recent years. He further stated that “On economic front, the India –Japan relationship is largely guided by Abeonomics and Modinomics “ 

According to the Ambassador, India remains among one of the most attractive destinations for investment for Japanese companies who have a strong presence in India and are further contemplating to expand their presence in the country. Lauding the recent efforts of the new government for improving the investment attractiveness of the country   Mr Yagi said that the Japanese investors further look for the  implementation of key reforms such as GST, resolving FDI in insurance and improving  ease of doing Business. 

Addressing the Inaugural Session of the IETF, Mr. Haruhiko Ando, Deputy Director General for Trade Policy, Trade Policy Bureau, Ministry of Economy pointed out that trade fairs were one of the best ways to expand a country’s economy. He observed that the number of Indian and Japanese companies participating in each other’s trade fairs was increasing thereby indicating a healthy growth in the economic relationship. 

According to Mr. Ajay Shriram, President, CII, the recent development initiatives launched by the government in the past few months are all expected to lead to an increase in the demand for engineering goods. These initiatives include the Make in India campaign, Swachh Bharat, water conservation etc. 

Mr. Rajive Kaul, Past President, CII and Chairman, CII Trade Fairs Council stated that the IETF had grown to become the “Mother of All Trade Fairs” for Indian Industry and it provided an ideal platform for technology exchanges.

Earlier welcoming the participants, Mr. Chandrajit Banerjee, Director General, CII stated that the IETF was started over forty years ago and has now evolved into a strong B2B platform with over 300 exhibitors representing over 15 countries. 

In his concluding remarks, Mr. Deep Kapuria, Co-Chairman, CII Trade Fairs Council stated that the engineering industry is expected to drive growth in India in the coming years and the government’s policies were aimed at making this sector stronger. 

New Delhi
February 26, 2015?