The world economy, including that of India, has been deeply impacted by the Covid-19 crisis. Nevertheless, we must pick ourselves up and continue with our endeavor to steer past this to safer shores. In its efforts to help industries override the economic slowdown, the Union Government has announced the ambitious ‘Atmanirbhar Bharat’ campaign to provide the Indian manufacturing industry a platform to become self-reliant and develop indigenous products.
The Government of India has identified certain key sectors where India can become self-reliant. Some of these, including Food Processing, Electronics, Industrial Machinery, Furniture, Leather, Auto Parts, Textiles and Ventilators, can provide good domestic and export opportunities. Furthermore, the Indian machine tool industry can expect substantial orders from other sectors earmarked by the Union Government such as Agricultural Machinery, Medical Equipment and Defence as well.
Senior officials from various government departments are in high-level talks with representatives from Europe, Asia, and many other parts of the world to market investment opportunities in India. Interestingly, many foreign companies are in the process of identifying local partners to tie up with and do business. The Government at the Centre as well as various State Governments in India are engaging senior management from these firms to arrive at an understanding and ink deals.
Large industry associations representing various industries are reaching out to potential investors including trade bodies from foreign nations. Although we face stiff competition, our country has many advantages. India has a huge domestic market, friendly workforce, land availability, good knowledge of English, and so on, which bodes well for foreign companies seeking to expand their base in India. As this happens, the Indian manufacturing industry will be firmly placed as a manufacturing destination over a long term.
It is to be noted that the Government has announced its series of measures including for MSMEs to improve liquidity and meet cashflow requirements. It is now up to the industry to make the best from these initiatives, invest in innovation and R&D, explore market opportunities and chalk out future plans judiciously.
INDIAN MACHINE TOOL MANUFACTURERS’ ASSOCIATION (IMTMA)