Government initiatives like FAME, PLI schemes, and industrial corridors, combined with private sector alignment, are driving India's transition toward sustainable growth, fostering a thriving start-up ecosystem, and expanding the electric vehicle and manufacturing sectors.
21 Nov 2024 | 1815 Views | By Autocar Professional Bureau
Kamran Rizvi, Secretary, Ministry of Heavy Industries, spoke about the ongoing transformation driven by electrification and the importance of industries adapting to this change. He noted the Ministry’s efforts to support India’s growth through cost-effective manufacturing and increasing domestic value addition, particularly in the electric vehicle (EV) sector. He underlined ...
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Kamran Rizvi, Secretary, Ministry of Heavy Industries, spoke about the ongoing transformation driven by electrification and the importance of industries adapting to this change. He noted the Ministry’s efforts to support India’s growth through cost-effective manufacturing and increasing domestic value addition, particularly in the electric vehicle (EV) sector. He underlined that the nation’s industrial strength is key to achieving a sustainable and competitive global presence.
Amardeep Singh Bhatia, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), highlighted the department’s role in fostering a supportive environment for industrial development. He discussed initiatives such as the National Industrial Corridor Program, the Production Linked Incentive (PLI) Scheme, and reforms aimed at enhancing the ease of doing business. Additionally, he pointed to efforts to encourage foreign direct investment (FDI), develop smart industrial townships, and establish sector-specific parks, especially in Tier 2 and Tier 3 cities, which are contributing to industrial growth and urbanisation.
Bhatia also emphasised the progress of India’s start-up ecosystem, driven by incubators and a focus on deep-tech innovation. He mentioned the recently announced INR 1 lakh crore innovation fund as an opportunity for start-ups and called for better alignment between industry players and start-ups to capitalise on growth opportunities.
Anant Goenka, Vice President of FICCI and Vice Chairman of RPG Group, expressed optimism about the alignment of private investment with domestic demand. He highlighted the potential of sector-specific industrial parks to enhance manufacturing competitiveness, drawing on lessons from India’s Special Economic Zones (SEZs) and similar global examples.
Manish Sharma, Chair of the FICCI Committee on Electronics and White Goods Manufacturing and Chairman of Panasonic Life Solutions India & South Asia, underlined the importance of supply chain corridors in addition to industrial corridors. He observed that the PLI schemes have significantly boosted localisation, product customisation, and private sector investments, projecting increased demand over the next few years.
Sulajja Firodia Motwani, Chair of the FICCI Committee on Electric Vehicles and Founder & CEO of Kinetic Green Energy & Power Solutions Ltd, noted the growing presence of EVs within the automotive sector. She recommended steps such as creating a robust action plan to stimulate demand, introducing a graded PLI 2.0, revisiting tariff and duty structures, and increasing research and development to establish India as a key player in both EV production and consumption.
The session was moderated by Alok Kshirsagar, Senior Partner at McKinsey & Company.