Raghavan expresses confidence in India's potential to become a $30 trillion economy by 2047
In an interview with ET Edge Insights, Ravi Raghavan, Managing Director of Bharat Fritz Werner, discusses the future of manufacturing in India. The interview touches upon various key points regarding the state of manufacturing in the country and the path ahead.
The conversation begins with a reflection on the Make in India initiative. While there have been some successes, the contribution of the manufacturing sector to the Indian GDP has only marginally increased from 15 % in 2017 to 17% in 2022. Raghavan attributes this slow growth to the significant groundwork required in terms of investments, skills, and technology. However, he is optimistic that the manufacturing sector is now entering a phase of accelerated growth, especially in areas like defence equipment.
Raghavan also emphasizes the need for skill development in the manufacturing workforce. He highlights the existing skill gap and stresses the importance of collaboration between academia, government, and industry to address this issue. The industry has taken steps to train and educate young workers, showcasing the evolving nature of manufacturing, including the integration of advanced technologies like AI.
Diversity in the workforce was another topic of discussion. Raghavan emphasizes the importance of creating an inclusive workplace, especially for women and individuals with disabilities. His company is committed to having 30% of its engineers as female employees, recognizing the unique skills they bring to certain aspects of manufacturing.
Regarding the balance between self-reliance and global partnerships, Raghavan highlights the success story of Bharat Fritz Werner’s joint venture with a German partner, which has contributed to technological advancements in the company. He acknowledges the need for India to strike a balance between self-reliance and collaboration with global stakeholders to achieve the ambitious economic goals set by the Prime Minister.
Raghavan expresses confidence in India’s potential to become a $30 trillion economy by 2047, driven by manufacturing growth. He highlights the importance of capital goods and technology upgrades and calls upon all individuals and industries to contribute to the country’s manufacturing expansion. For a deeper understanding of the challenges and opportunities in the Indian manufacturing sector, we encourage you to watch this enlightening interview.
