To be successful export-oriented manufacturing unit, Indian manufacturing units must have global mindset: Experts
IACC organizes a Seminar on “Export-oriented manufacturing opportunities”
Hyderabad: Indo-American Chamber of Commerce is an apex bi-lateral Chamber synergizing India-US Economic Engagement and that promotes Indo-American business, trade and economic relations organized a Seminar on “Export-oriented manufacturing opportunities” today in the city at Hotel Novotel, Airport.
The speakers who spoke said Indian manufacturers need a global mindset to build quality products
They must be quick to adopt technological head to achieve cost excellence, build a world-class talent pool, strengthen innovation, build global footprint, develop a global market, Indian export-oriented manufacturing units must be quick to act to bridge the gap left of China because of its changed focus and policy shift. At the same time, our manufacturers need to diversify their export markets. They must develop newer markets. They should even focus on global acquisitions, the speakers who spoke observed.
The objective of the session, Vijaya Sai Meka Chairman of IACC AP & TS Chapter, in his opening remarks said is to understand the opportunities in Export-oriented manufacturing and how we can boost manufacturing exports.
The Government of India has thrown open opportunities in Defence sector, he added
The Indian government is encouraging manufacturing sector by initiatives such as Make in India to support SMEs. The Government is also supporting and boosting the manufacturing sector by Atmanirbhar Bharat,
Mr. Purnachandra Rao Surapaneni, National President of IACC; Mr. Rajendra Velagapudi, CEO, Cyient DLM, Mr. LaxmikantKhaitan, GM, Multisorb, part of US-based Filtration Group, Mr. Ramakrishna Mallemputi, Director Finance, Casper and Cronus Pharma and Mr. Diven Singla, GM, OSI Optoelectronics, part of US-based OSI Systems and Mr. Vikas Vamsi, Managing Director, Raghu Vamsi Machine Tools Pvt. Ltd and others participated and spoke on the occasion.
Speaking on the occasion, Mr. Purnachandra Rao Surapaneni, National President, IACC said the disruptions caused in business operations by the COVID-19 pandemic, a focused policy shift was needed to build its manufacturing capabilities for increasing the exports could be a key strategy for India. The Seminar is organized in this light of the background. Indeed, it is the need of the hour.
The current conditions offer an opportunity to Indian businesses to make their exports more competitive by focusing on export-oriented growth, he said.
Speaking about the role played by IACC, the top boss of IACC said the Chamber remained a strong voice advocating for increased trade and investment between the United States and India right from its inception in the year 1968.
Sourabh Jain, Branch Committee Member, IACC AP & TS gave an industry perspective. Manufacturing has been a key component of our merchandise export. But, despite the high global standard, the largest pool of good workforce, our manufacturing exports are much lower compared to some of the peers in our neighborhood.
India's share in global manufacturing exports is surprisingly abysmal. It is just 1.4 per cent far behind China's 14.8 per cent. Poor Infrastructure, Little R&D Spending, Low FDI inflows, double taxation, not so favorable government policies
Ramkumar Rudrabhatla, Vice Chairman, IACC AP & TS delivered the theme address. And said, India is a vast country. It has an opportunity to capture the emerging trends of globalization and realize the export potential of the states.
The Seminar concluded with Mr. C. Narayana Rao, Vice Chairman, IACC AP & TS’s concluding remarks.
Over 100 corporate executives from across the verticals participated in the seminar.