Focus on innovation

June 26, 2014 5:56 am

By focusing on innovating newer products for world and India consumption, a fundamental shift in the coming decade could be observed which can put India in top league
 Breakthrough Management Group International (BMGI) helps companies achieve their dreams by enabling them to effectively meet short-term goals. At the same time it helps them build the competencies and capabilities to fulfil their long-term company vision. Naresh Raisinghani shares his views on establishing India as a manufacturing hub.
Make presence feltIndia has awakened to the reality that its manufacturing sector’s contribution is about 16 per cent only to the GDP and that all major countries who have experienced significant development have the same as 25-35 per cent to their GDP.
India has proven itself in recent times as a reliable and world class producer in selected areas such as auto components, high tech engineering, mobile electronics, generics in pharma and textiles. However, now it needs to broad base itself and make its presence significantly felt in other manufacturing areas.
Exports would definitely integrate India on the global scale as well as a manufacturing hub. However, India should continue a relentless focus on encouraging well established and global leading manufacturing firms to set up shop in India. That will, in turn, provide a market to rapidly fill the technology gaps with developed nations.
Indian entrepreneurs as innovatorsWhile several multinationals such as GE, Philips, Samsung have started tapping India’s R&D capability in selected areas, India is still far away from being recognised for innovations. By focusing on innovating newer products for world and India consumption, a fundamental shift in the coming decade could be observed which can put India in top league. This can happen if Indian entrepreneurs emerge as innovators. However, there are two major issues the manufacturing sector is facing today. One is red-tapism towards clearances for project set-up. Second is poor infrastructure especially power, land, road and water.
Dear govt., attention pleaseGovt can definitely help India accelerate its manufacturing growth. For this to take place, govt should pay attention to some top issues which are: • Rapid infrastructural investments on power, water accessibility, transportation  and manufacturing hubs across the nation• Creating conducive policies for manufacturing sector by providing easy accessibility to capital via FDIs or eased up banking policies • Creating a climate for participation of the rural population• Periodic sign up sessions by govt and entrepreneur teams with delegations of country’s major policy makers and global MNC leadership teams, for seeking India as a manufacturing destination and enhancing bilateral trades.
BMGI’s aim BMGI aims to help businesses in taking advantage of the opportunity available. It also wishes to assist them with• Establishing innovation engines for creating future blockbuster products  • Strategising and implementing plans for achieving profitable high growth• Restructuring and systematising the operations for delivering world-class levels of output performance at a significant cost arbitrage.
Additionally, BMGI would look forward to working on specific mandates to assist the government in establishing India as a global manufacturing hub.
Naresh Raisinghani, CEO and ED, BMGI – India Division